Definition of cooperative

The word cooperative has its roots in the late 19th century when a group of silk weavers in the English town of Rochdale faced economic hardships due to the competition posed by the rise of industrialization. In 1843, they pooled their resources into aprintfunding society and were able to procure goods at lower prices by buying in bulk. This model inspired other groups of workers in similar situations, and in 1844, the Rochdale Society of Equitable Pioneers became the first modern cooperative, selling consumer goods instillments. The term cooperative, derived from the Latin word cooperare, meaning "to work together," was coined by the co-founders of the Rochdale Society to describe this innovative approach to community economics, which fostered collective decision making, self-reliance, and mutual support. The idea quickly spread to other towns in England, where cooperative societies sprung out, selling a multitude of products, including dairy, meat, and bakery products, paving the way for the flourishing of the cooperative movement worldwide. The Rochdale Pioneers' four principles of cooperation - voluntary and open membership, democratic member control, member's economic participation, and cooperation for the common good - have been fundamental to the cooperative's development and continue to inspire the cooperative spirit around the world. The term cooperative has since come to be associated with a wide range of enterprises, from consumer cooperatives to worker cooperatives, agriculture cooperatives, and housing cooperatives, serving as a symbol of community value, social change, and local economic resilience.