The founders of early financial cooperatives believed in ‘cooperation’. This was not a sentimental idea. It was seen as a practical tool for pooling financial and human resources where poverty was too great for individuals to escape by themselves. It required an almost obsessive focus on both prudent financial management and disciplined adherence to operational rules.
Democracy in private enterprise, and practical concern for poorer neighbours, are left-wing ideas. Prudent financial management (more…)