THE IMPORTANCE OF STUDYING ECONOMICS OF CO-OPERATIVE BUSINESS ENTERPRISES AS A QUALIFYING SUBJECT FOR THE AWARD OF OND IN CO-OPERATIVE ECONOMIC AND MANAGEMENT

THE IMPORTANCE OF STUDYING ECONOMICS OF CO-OPERATIVE BUSINESS ENTERPRISES AS A QUALIFYING SUBJECT FOR THE AWARD OF OND IN CO-OPERATIVE ECONOMIC AND MANAGEMENT

CHAPTER ONE

1.0       INTRODUCTION

            A co-operative society is an association of persons who have voluntary joined together to achieve a common end through the formation of a democratically controlled organization making equitable contributions to the capital required and accepting a fair share of the risks and benefits of the undertaking in which the members actively participate (L.L.O 1960).

The term co-operative is often used to mean the activities of a specific form of organization, that is any form of persons working together to achieve some aim or aims on a formal basis.

A co-operative is always determined by four elements and these are:

i           A group of persons with at least one economic interest in common.

ii          The self-help motivation, that is, the aim of the group which is to meet the common need of members by joint action based on mutual assistance.

iii         The means to achieve this aim which is to establish a common enterprise.

iv         The main objectives of this co-operative enterprise is to perform services . The promotion of the economic interest of the members.

The attitude of people students and the society in general especially the ignorant ones towards co-operative society today is not encouraging and this has prompted the researcher to carry out study on the importance of studying the course by students so that they may contribute to the knowledge of co-operative after their stay on school and to make known to the outside world the impact of co-operative societies.

1.1       BACKGROUND OF THE STUDY

The first successful co-operative society is caused the Rochadale society of equitable pioneers was established in Rochdale an industrial town close to Manchester. The Friendly Societies Act registered the society on October, 28^th 1844.

This co-operative society originated from discontent with the adulteration of goods, false weights and measures and high prices prevailing on retail distribution among workers living on or near subsistence level owing to their bargaining power, living on or near subsistence level (Bob lgwe 1993:2) owing to their weak bargaining power in the labour market. The consumer co –operative movement on the true sense was the off-spring of a marriage between the wage camers need of an immediate rise in their standard of living and the aspiration towards a better social order based on the teachings of Robert Owen, Dr Willian king and other social philosophers and pioneers of 18^th and 19^th century England.

THE IMPORTANCE OF STUDYING ECONOMICS OF CO-OPERATIVE BUSINESS ENTERPRISES AS A QUALIFYING SUBJECT FOR THE AWARD OF OND IN CO-OPERATIVE ECONOMIC AND MANAGEMENT