Cooperatives have always been a great source of economic growth in all parts of the world, in both rural and urban areas. According to the National Cooperative Business Association CLUSA International, their are four major areas in which cooperative economic growth can help development, build, sustain and grow in virtually any environment.
1. Flexibility– Cooperatives are created specially to meet the needs of the members they serve, and because of this are able to have a more flexible nature to adapt and thrive in communities of all types and sizes, tailoring their products and services to meet the needs of the areas they serve. Rural communities are known to have a shortage of people and jobs, but agriculture tends to thrive in these areas. Farmers can join together to form cooperatives to assist each other with common expenses.
2. Circulate Money– in both rural and urban areas where for-profit businesses are common, money doesn’t always circulate properly. Traditional businesses see money spend in the business stay in the hands of the business owner, where a cooperative will keep the money circulating within the business, hiring new employees or lowering prices.
3. Create Jobs– Job creation is always a positive and uplifting sign in communities. There are many types of cooperatives, like worker co-ops and producer co-ops that work to create more and better job security as they allow employees to have a vote and decision-making power.
4. Strengthen the Community– Co-ops are created with one thing in mind, to serve their members and the communities. In turn, they provide jobs, products and services, and help distribute wealth, all while teaching the community leadership and professional skills to help further develop and continue the momentum and movement.
Encourage the cooperative movement in your community by learning more. Visit our web page https://cooperatives.cfaes.ohio-state.edu and stay connected to what is happening with The Ohio State University CFAES Center for Cooperatives.
