Journal of Co-operative Studies 53(2), 31-35

Abstract

This short paper explores aspects of co-operative difference and co-operative advantage in the context of the 2008 ‘credit crunch’ and again as we face the social and economic pressure of COVID-19. Utilising the discourse surrounding the financial crisis, the paper looks at the questions raised about the continuing relevance of co-operative values and principles in creating effective and responsive organisations; the ‘natural’ place of co-operatives as inherently socially responsible and poses questions for possible areas of research to raise the profile of co-operative values in what some commentators are referring to as a ‘new economic age’ and the ‘new normal’.

References

Asonye, C. (2020, June 5). There’s nothing new about the ‘new normal’. Here’s why. World Economic Forum. https://www.weforum.org/stories/2020/06/theres-nothing-new-about-this-new-normal-heres-why/

Batiz-Lazo, B., & Billings, M. (2009). Comparative performance of UK mutual building societies and stock retail banks: further evidence: A comment. Research Papers on Economics (RePEc) Archive.http://mpra.ub.uni-muenchen.de/21171/1/MB_BBL_Comment.pdf

Birchall, J. (2013a). Finance in an age of austerity: The power of customer-owned banks. Edward Elgar. https://doi.org/10.4337/9781781951842

Birchall, J. (2013b). The potential of co-operatives during the current recession; theorizing comparative advantage. Journal of Entrepreneurial and Organizational Diversity, 2(1), 1-22. https://doi.org/10.5947/jeod.2013.001

Birchall, J., & Ketilson, L. H. (2009). Resilience of the co-operative business model in times of crisis. Report for the Sustainable Enterprise Programme. International Labour Organization.

Birchall, J., & Simmons, R. (2004). The involvement of members in the governance of large-scale co‑operative and mutual businesses: a formative evaluation of the Co-operative Group. Review of Social Economy, 62(4), 487-515.  https://doi.org/10.1080/0034676042000296236

Choi, H. (2009). Institutionalization of trust as a response to globalization: the case of consumer co‑operatives in South Korea. Transition Studies Review, 16(2), 450-461.  https://doi.org/10.1007/s11300-009-0082-1

Christianson, R. (2009, Jan-Feb). Principles and Values of Co-operative Sustainability. Co-operative Grocer, 27.

Colman, E. (2008, September 13). Savers lose trust in building societies: the rescue of Derbyshire and Cheshire has raised members’ concerns. The Times. https://www.thetimes.co.uk/article/savers-losetrust-in-building-societies-vcrfwwddxhk

Community Carrot (2020, March 22). The Crunchy Carrot is now a delivery-only service (Blog). Retrieved 22 March 2020 from https://communitycarrot.scot/blog/the-crunchy-carrot-is-now-a-delivery-only-service-22032020

Co-operative College/Change Agents (2107). Owning our care. Investigating the development of multistakeholder co-operative social care in the UK. Co-operatives UK.

Delgado, N. D., & Laliberté, P. C. (2014). Job preservation through worker co-operatives: An overview of international experiences and strategies. ILO. https://www.ilo.org/wcmsp5/groups/public/---ed_dialogue/---actrav/documents/publication/wcms_312039.pdf

Earle, T. C. (2009). Trust, Confidence, and the 2008 Global Financial Crisis. Risk Analysis, 29(6), 785-792. https://doi.org/10.1111/j.1539-6924.2009.01230.x

El-Erian, M. A. (2010). Navigating the new normal in industrial countries. In M. Harrup (Ed.), The Per Jacobsson Lecture. The Per Jacobsson Foundation. http://www.perjacobsson.org/lectures/101010.pdf

Ennew, C.T. (2009). The Financial Services Trust Index 2009. Financial Services Research Forum, University of Nottingham. https://www.nottingham.ac.uk/business/who-we-are/centres-and-institutes/gcbfi/documents/researchreports/paper60.pdf 

FareShare (2020, March 21). Co-op to donate food worth £1.5 million to FareShare to feed those at risk of hunger during Coronovirus crisis. https://fareshare.org.uk/news-media/press-releases/co-op-to-donate-food-worth-1-5-million-to-fareshare-to-feed-those-at-risk-of-hunger-during-coronavirus-crisis/

Fitton, S. (2019, May 7). Fairer society champion joins government’s inclusive economy partnership [News release]. Co-operative Group. https://www.co-operative.coop/media/news-releases/fairer-society-champion-joins-governments-inclusive-economy-partnership

Gosling, P. (2008, June 20). Building societies are ready to ride credit crunch. Co-operative News.

Groeneveld, H., & Sjauw-Koen-Fa, A. (2009). Co-operative banks in the new financial system. Economic Research Department, Rabobank Group. https://v3.globalcube.net/clients/eacb/content/medias/publications/external_studies/cb_financial_system_Rabobank_2009.pdf

HM Treasury (2010). Building Society Capital and Related Issues. A discussion paper. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/81268/consult_buildingsoc_capital.pdf

International Labour Organization (2015). Co-operatives and sustainable development goals.https://sustainabledevelopment.un.org/content/documents/1247ilo.pdf

KPMG (2013). Building Societies Database. KPMG LLP

Miller, R., & Benjamin, M. (2008, May 19). Post-subprime economy means subpar growth as new normal in US. Bloomberg. https://www.bloomberg.com/news/articles/2008-05-18/post-subprime-economy-means-subpar-growth-as-new-normal-in-u-s

Mondragón Assembly (2020, March 30). Mondragón Assembly to manufacture four machines that will produce 14 million surgical masks per month. [News]. https://www.mondragon-assembly.com/2020/03/mondragon-assembly-to-manufacture-four-machines-that-will-produce-14-million-surgical-masks-per-month/

Myers, J., Maddocks, J., & Beecher, J. (2011). Resting on Laurels? Examining the resilience of co‑operative values in times of calm and crisis. In A. Webster, L. Shaw & J. K. Walton (Eds.), The Hidden Alternative? Co-operative Values past, present and future (pp. 306-326). Manchester University Press.

Parnell, E. (2001). The role of co-operatives and other self-help organizations in crisis resolution and socio-economic recovery. ILO. https://www.ilo.org/wcmsp5/groups/public/---ed_emp/---emp_ent/---coop/documents/publication/wcms_745892.pdf

Pestoff, V. A. (2017). The social and political dimensions of co-operative enterprises (pp. 76-96). In J. Michie, J. R. Blasi & C. Borzago (Eds.). The Oxford handbook of mutual co-operative and co-owned businesses. OUP.  https://doi.org/10.1093/oxfordhb/9780199684977.013.6

Porritt, J. (2008). The Resilience of the Co-op [Blog]. Forum for the Future.
Seib, C. (2008, September 12). Stable image pays dividends for Co-op in Credit Crunch, The Times. https://www.thetimes.com/article/stable-image-pays-dividends-for-co-op-in-credit-crunch-65z3c503fs2

Seigrist, M., Gutscher, H., & Keller, C. (2007). Trust and confidence in crisis communications: Three case studies (pp. 267-286). In M. Siegrist, T. C. Earle, & H. Gutscher (Eds.), Trust in Cooperative risk management: Uncertainty and scepticism in the public mind. Earthscan.

Smith, K. (2020, March 15). Over 200 community support groups spring up as neighbours offer support during Coronavirus outbreak [Press release]. https://covidmutualaid.org/media/

Spear, R. (2000). The Co-operative Advantage. Annals of Public and Co-operative Economics, 71(4), 507-523. https://doi.org/10.1111/1467-8292.00151

Tognoni, M. (2020, March 27). The COVID-19 outbreak update from Legacoop, Italy. [News]. https://www.ilo.org/resource/news/covid-19-outbreak-update-legacoop-italy

Voinea, A. (2020, March 9). Covid-19: Italian co-ops call for higher social protections for workers. Co‑operative News. https://www.thenews.coop/covid-19-italian-co-ops-call-for-higher-social-protections-for-workers/