Benefits of Cooperatives to the Contemporary Economy Essay

Benefits of Cooperatives to the Contemporary Economy - Essay Example According to the report findings different people have different definitions of what is and what it should be. In most cases, the term is used to define the action of the people that voluntarily come together and use reciprocally their forces and resources under an agreeable mutual management for the sake of profitability or loss. As the research stresses the identity of a cooperative is known by examining five main attributes: have a governance structure in place, tax-filing status is examined, application of a statement of principles, incorporation status and self-identification. Cooperatives are very essential in shifting the buck from the government. They are unique in the way they tackle the issues within the economy, dealing with the same aspects that affect the growing needs of those in the society. They are a good plan for farmers who want to gain anything from fertilisers, farming loans, selling their produce, getting a market to sell their services, having a rationalised mode of payment as well as maximising on the distribution of resources to even the most remote areas in a country. The farmers are the most beneficiaries across the world with so many cooperative societies targeting farmers across the world. They are able to deal with the farmers in a way the government cannot. They fight for their r ights and that keeps the farmers motivated. They are easy to form and that makes it easy to have them in any area where people come together for this purpose.