Open AccessA STUDY ON COOPERATIVE SOCIETIES IN ECONOMIC DEVELOPMENT
Author(s) -
C K GOMATHY
Publication year - 2022
Publication title -
indian scientific journal of research in engineering and management
Language(s) - English
Resource type - Journals
ISSN - 2582-3930
DOI - 10.55041/ijsrem11905
Subject(s) - business , profit (economics) , capital (architecture) , debt , limited liability , profit maximization , control (management) , work (physics) , market economy , economics , economic system , economic growth , industrial organization , finance , microeconomics , management , mechanical engineering , archaeology , engineering , history
This paper explains about the importance of the cooperative societies in economic development. The aim is to discuss about the ways in which cooperatives can act as agents to the sustainable development of the community. Workers cooperative is an enterprise in which workers share in the profits and it is a business in which the workers retain a majority control of the enterprise control is exercised democratically on the basis of one person, one role, membership is open as for as possible to all workers and there are limit on the return to capital invested in the enterprises. Over the years, capital has hired lab our and treated it like an expendable factors of production same as any other factor, capital has explored labour and subjected it to the imperialism of profit maximization capital has claimed all the authority and all met profit while disclaiming full liability for the debts of the enterprise in case of liquidation. But now, worker want all that to change these days. This paper concludes that the cooperatives must achieve two interrelated goals, those are enhance the ability to work successfully and improve ability to service the members of the cooperatives, and remain an economically development, creative and competitive enterprises. Keywords: Cooperative societies, Economic Development, Democratically, Enterprises.