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A worker cooperative is a cooperative owned and self-managed by its workers.This control may mean a firm where every worker-owner participates in decision-making in a democratic fashion, or it may refer to one in which management is elected by every worker-owner who each have one vote.
Since the broad purpose of cooperatives is to offer different power structures than ordinary capitalist institutions (which are owned by profit-seekers that may or may not work at the firm), as well as to improve the economic and social life of workers and all who are involved beyond mere profit and creating products/services, there is much ...
Economics of participation is an umbrella term spanning the economic analysis of worker cooperatives, labor-managed firms, profit sharing, gain sharing, employee ownership, employee stock ownership plans, works councils, codetermination, and other mechanisms which employees use to participate in their firm's decision making and financial results.
Shares are allocated to employees and may be held in an ESOP trust until the employee retires or leaves the company. The shares are then sold. Worker cooperatives are another form of employee ownership wherein workers are exclusive owners and managers of the firm, with one vote per employee in democratic decision-making.
The employees ended up buying out the plant, even though they weren't fans of employee ownership before, they needed to save their jobs. There immediately was a burst in production and they were able to produce molds that normally took the 3,000 hours to make in 2,200 hours.
Worker cooperatives: businesses owned and managed by the people who work there; Consumer cooperatives: businesses owned and managed by the people who consume goods and/or services provided by the cooperative; Producer cooperatives: businesses where producers pool their output for their common benefit e.g. Agricultural cooperatives
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Worker- and employee-owned trading enterprises, co-operatives, and collectives. These vary from very large enterprises such as John Lewis Partnership in the UK and the Mondragon Corporation in Spain to medium-sized enterprises owned by their staff with traditional management hierarchies and pay differentials to quite small worker cooperatives with only a few directors and employees who work in ...