Hi guys, Its a great afternoon in India. As i am a b.com co-operation student, I read texts, collect ideas and then write.
1)System
Socialism is a system of government which seeks to move towards its objective by changing the prevailing economic order , But co-operation is a system of thought which is compatible with all forms of economic and political systems. A better philosophy is enuciated within the system itself to help the common man to gain strength.
2) Type of Remedy
Socialism is a political remedy for economic evils and it is effected through the active involvement of the government, whereas co-operation is an economic remedy for economic maladjustments. It offers a non-political alternative to the solution of the problems which are economic in nature.
3) Supremacy
Under socialism, the state is supreme for its participators in and exercises control over production and distribution. The state interferes in all matters and the individual freedom cannot be exercised. Under co-operation, the individual is supreme, he enjoys freedom of action he is at liberty to join the society at his will. The members direct the activities of the organization.
4) Capital
Socialism is against the idea of the accumulation of capital by individuals. The co-operatives do not discourage accumulation of capital by its members. But co-operation takes care to ensure that they are not controlled by it.
5) Role of the State
Socialism operates under state domination, which is both the deciding authority and the directing agency. But co-operatives seek to avoid state control.
6) Type of property
Socialism is associated with state ownership. All the means are owned collectively by the community. Where as co-operation is characterized by the co-existence of private and collective ownership.
7) Politics
Politics finds a top place in socialism, but the creed of co-operation is free from politics or political neutrality.
8) Control
In socialism the economy is controlled by the state while co-operative organizations are managed democratically
9) Surplus
In socialist economy the surplus goes to the state. But in co-operatives it goes to the members on the basis of patronage dividend.
10) Object
The objective of socialist economy is to protect the welfare of the people, whereas in co-operation the basic objective is service to members.