Why cooperatives came into existence?

Cooperatives emerged as a response to the challenges faced by individuals and communities, particularly during the Industrial Revolution, when many people experienced exploitation, poor working conditions, and lack of access to essential goods. They were founded on principles of mutual aid, enabling members to pool resources, share risks, and collectively meet their needs. By promoting democratic governance and equitable distribution of profits, cooperatives aimed to empower individuals and foster community resilience against economic inequalities.