International Day of Cooperatives, July 2nd 2016

The International Day of Cooperatives is the perfect time to celebrate the power of pulling together in the face of adversity. Working together can create social capital that enables individuals to achieve goals that they may not be able to achieve alone. Although ‘Social capital’ might sound like something intangible, it has a huge value. It is a measurement of connections between people – the glue that binds people and the reason to work towards common goals. In other words, it’s the value of ‘who you know’ rather than ‘what you know’ and evidence shows that communities with high social capital are more able to become economically and sustainably prosperous.

A group of people that is cohesive, value each other and stick together through hardship, is more able to work together to overcome challenges. The ability to do this is particularly important for communities with low incomes, limited education and few physical assets because it can create a social safety net that helps mitigate shocks or stresses. This is where cooperatives can come in and form a framework through which people can unite under shared needs and aspirations. Agricultural cooperatives work in a number of ways that can be beneficial to individuals and communities. A group of farmers make a more attractive customer than a single farmer because they spread risk amongst them, so facilitating access to finance, agricultural inputs and external markets.

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