New book published - “Capital and the Debt Trap - Learning from Cooperatives in the Global Crisis”

Friday, 19 August 2011

Due for publication at the end of August 2011, “Capital and the Debt Trap - Learning from Cooperatives in the Global Crisis” investigates and explains how four specific cooperative organisations have survived the current financial crisis and have kept generating wealth. It achieves this through four case studies and looks at how many people have fallen into a trap of linking the financial sector to the real economy. The authors of the book are Claudia Sanchez Bajo, a freelance researcher and consultant, and Bruno Roelants, Secretary General of CECOP – CICOPA Europe.

This book illustrates how cooperatives around the world have been relatively resilient to the crisis. Of particular interest to ICMIF members will be the case studies through which the book explores the strategies of cooperatives to deal with the crisis and their type of control, framed in a broader debate about wealth creation and sustainable development. These case studies include Desjardins in Canada which is an ICMIF member and the Mondragon Corporation, Spain, of which Seguros Lagun Aro constitutes the corporation’s financial division. Seguros Lagun Aro, is an ICMIF member and offers a full range of insurance products.

In his foreword to the book, Professor Ian MacPherson, a world-known scholar on cooperatives, says that: "…this book presents a thoughtful and exciting consideration of the roles co-operatives can play – and should be expected to play – today…It provides a strong and stimulating discussion of the financial breakdown of recent months… The book is based on a well informed and carefully argued examination of the current global situation; an examination that in turn makes what they have to say about co-operatives particularly acute and useful.”

Professor MacPherson continues, “It is an important opening statement, hopefully the first of many that will deepen celebrations of the United Nations Year of Co-operatives in 2012“