Question

“Cooperative societies are based on the principles of self-help through mutual help and each for all and all for each.” Explain.

Answer 1

1. Self-help through mutual help: A cooperative society is an organisation based on the principles of equality and democratic spirit. Individuals from the middle-income or economically weaker sections often join together to safeguard and promote their common interests. By helping one another, members strengthen the entire group, and this mutual support benefits every person in the cooperative.
2. Each for all and all for each: In a cooperative society, every member enjoys one vote, regardless of how much capital he or she contributes. Members work collectively for the welfare of every individual, and each person contributes to the well-being of the whole group. Thus, all members support one another and act together for the common good.