Co-operatives and Mutuality
Debate between Adrian Bailey and Alun Michael(12 years, 10 months ago)
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Mr Bailey
The crucial difference is that the co-operative and mutual movement exists for the benefit of the participating consumer-members or worker-members. In the free market, the wider movement is the proprietary sector, with outside investors investing in, taking profits out of, and controlling the businesses. That is the crucial structural distinction, and there is also a huge difference in values and ethos.
Alun Michael (Cardiff South and Penarth) (Lab/Co-op)
I am sure that my hon. Friend agrees that for many years there was confusion about what “the third sector” meant. It was often taken to mean the voluntary sector, but the third sector of the economy was always seen as the co-operative sector, a business sector aiming to be profitable but having, as he has indicated, a wider set of values than merely profit as the driver behind its engagement and success.
Mr Bailey
One thing that attracted me to work in the co-operative movement for so many years was that as a believer both in the market and the need to succeed in it, and in certain values, I felt that it was a model in which successful businesses could reconcile the two. That is clearly demonstrated, and is part and parcel of the reasons for today’s debate.