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Full Project – Cooperative as an antidote to economic growth of Imo state

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CHAPTER ONE

1.0 INTRODUCTION

Today, in Era when many people feel powerless to change their lives, cooperative represent a strong, vibrant, and viable economic alternative. Cooperative are formed to meet peoples mutual needs. They are based on the powerful idea that together, a group of people can achieve goals that none of them could have achieved alone (Berko, 2009).

For over 160 years now, cooperative have been an effective way for people to exert control over their economic livelihood. They provide a unique tool for achieving one or more economic goals in an increasingly competitive global economy (Iheke, 2011). As governments around the world cut service and withdraw from regulating markets, cooperative are being considered useful mechanisms to manage risk for members in agricultural or other similar cooperatives, help salary/wage earners save for the future through a soft-felt monthly contribution that is deducted from source, owe what might be difficult for individuals to own by their efforts, strengthen the communities in which they operate through job provision and payment of local taxes. Cooperative generally provides an economic boost to the community as well.

1.1 BACKGROUND OF THE STUDY

The profound insight of the field of ecological economics in that economic growth is constrained by ecological limits. This insight has been illustrated using the ecological footprint model (Wackernagel, 2002); with a comprehensive survey of the state of ecosystems (MEA, 2005), theoretically (Daly, 2004) and, is highlighted in the “real world” by a full spectrum of social, ecological and economic implications arising from attempts to negotiate a coordinated global response to human – induced climate change (UNFCCC, 2009).

Modern capitalism, which can be considered the ‘operating system’ of the world economy (Speth, 2008), is growth dependent and becomes unstable in the absence of growth. Economic theory indicates that human welfare is dependent on and therefore justifies economic growth, yet economic growth is undermining the ecological systems which support life on earth.

The current economic crisis has opened up intellectual space for discussions regarding the centrality of growth in policy-making. The UK government recently published a major study on the implications of an economy without growth (UK Sustainable Development Commission, 2009). Similarly, in France, President Sarkozy has established a commission to explore ways of measuring ‘social progress’ that move beyond narrow measures of economic activity and growth such as GDP. The Stigliz Commission is exploring the idea that by focusing on narrow, monetary measures of social wellbeing, such as GDP, political leaders are neglecting the negative impacts of growth.

However, these conversations have occurred or are occurring primarily at the macro-economic level and limited consideration has been given to the organizational implications of an economy focused on sustainability and well-being as opposed to growth. These implications are potentially profound. For two reasons, the current financial meltdown can be viewed as a crisis of corporate governance. First because governments have failed to adequately regulate the irresponsible behavior of the financial sector, and instead have sought to deregulate financial markets in the interests of growth. Second, and of greater interest to the co-operative movement, the ownership structure of much of the economy is based on the maximization of profits in the interest of creating and growing shareholder value. In other words, the ownership of business is organized solely in the interests of profits and growth. Social and environmental concerns, while a necessary consideration under this model, become a constraint to be managed within the context of financial return. In contrast, co-operatives recognize that the objectives of a society are more than financial success alone. Instead of focusing on maximizing members. In the case of co-operatives, it is financial return that becomes the constraint to be managed within the context of maximizing member benefit.

1.2 STATEMENT OF PROBLEMS

Upon all this incentives given to societies by the government to see its progress, yet a lot of problems still exist and it is these problem that the researcher has in mind, such problems are;

Lack of Effective Management: The cooperative society is experiencing inadequate managerial skills.
Illiteracy: Some of the management and the members of the cooperative societies are illiterate and do not know or understand the term cooperative.
Lack of Adequate Finance: We all know that finance is the all and all in this world for any business to stand; it has been identified among the problems weakening the progress of the cooperative society. In fourth national development plan of 1980-1984 the total sum of N173, 21 million was embarked for running of cooperative in Nigeria, government has also made various sources of finances its agricultural scheme, cooperative banks, etc, yet their exist some problems in the light of this, the researcher looks into identifying the means of improving these societies in the economic development in its area of operation.

1.3 OBJECTIVE OF THE STUDY

This study will no doubt the immense benefit to the cooperative societies for the research into finding out the sources of fund for achieving records the problem and strategies for solving them. The objectives are as follows;

To ascertain the socio-economic characteristics of members in the cooperative.
To find out the nature and types of members business in area of study.
To determine the ways that those cooperative have helped in the development of the area.
To identify the problems encountered by the cooperative in the discharge of their functions.
Make recommendation based on the findings.

1.4 RESEARCH QUESTIONS

The research questions for the study are as follows;

What are the contributions of cooperative societies towards the increase of capital development?
What are the contributions of cooperative societies towards output growth?
What are the contributions of cooperative societies towards the provision of infrastructure facilities?
What are the various sources of finances for the cooperative in Oru-East local government area?
What are the various problem confronting cooperative societies in Oru-East government area?

1.5 SIGNIFICANCE OF HYPOTHESIS

The term hypothesis can be defined as a proposition or abstraction from reality which are designated by words or phrase and may be judged true or false if the refer to observable phenomenon. Or a statement of assumption of relationship between at least two variables in a project study, therefore the hypothesis of this study is stated thus;

Hi: cooperative societies have contributed to the success of members.
Ho: cooperative societies do not contribute to the success of the members.
Hi: inadequate funding hinders the practice of cooperative societies.
Ho: inadequate funding do not hinders the practice of cooperative societies.

1.6 SIGNIFICANCE OF THE STUDY

It is envisaged that the funding of the study will be of value to thus;

Member: Member will appreciate the need for them to be committed to the cooperative business as a way of taking their destiny into their hands.
General Public: The public in general will understand the need to for or join cooperative society in order to increase their per capital income as well as the nationals gross domestic product (GDP) especially in Avu Ikeduru local government area.
Government: This will help the government to embark on policies that will promote and create a conducive atmosphere necessary to support the growth and success of the cooperative societies. The findings will also act as references materials for other research.
Availability of Relevant Materials: As a result of this, it became difficult for the research to obtain enough information as can be seen in chapters of this project.
Transportation: In terms of going to Avu Ikeduru cooperative society for the distribution and collection of questionnaire for the project is very hectic.
Finance: Finance is another limitation encountered by the research. It was difficult for the research to raise enough money for transportation and other things (Uzoka 2009 financial management).
Finally: Is the problem of time couple with crowded semester programmed. The research attends classes at the same time working on the project.

1.7 DEFINITION OF TERMS

Cooperative: According to the international cooperative alliance (ICA), cooperative is an autonomous association of person united voluntary to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise.

Society: This is a system in which people live together in an organized form to achieve specific aim.

Definition of Cooperative Society/Business: A cooperative society or business is voluntary owned and operated by people (owner/member) that have identified their social and economic needs and have fixed common realize objectives to respond to the needs.

Primary Cooperative Societies: They are usually formed with a minimum of producer, consumer, marketing thrift and credit cooperative societies.

Secondary Cooperative Societies: They are referred to as cooperative, it is the coming of two or more cooperative societies. They coordinate and control the activities of the primary societies.

Role: The task or duties of cooperative societies.

Economic Development: Any activity likely to improve the standard of living of individuals and society in general.

Cooperative Shop: They are sort of supermarket organized and managed by the cooperative societies for the benefit of its member and non-members.

Cooperative Inspector: They are employed by the government to take charge of supervision of the activities and programmed of primary and secondary societies in an area. They also organize seminars to acquaint cooperative with new ideas.

Multi-Purpose Cooperative Societies: This types of cooperative has different objectives and roles to perform.

Farmers Cooperative Societies: These are association of farmers, who come together to produce jointly using cooperative tools.

Marketing Cooperative: They market jointly items produced by the individual members.

Consumers Cooperative: They consume good and sell to their member thus, avoiding the exploits of the middlemen.

Thrift and Credit Cooperative Societies: These societies encourage member to make periodic deposits thus including the habit of thrift in them.

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