The Co-operative tradition has a long pedigree here in the UK. Based in the 19th century labour movement, it has evolved out of practical self-help in the form of affordable goods and banking needs for ordinary working class people.
It’s easy to forget that it’s only in recent times that banks have been inviting to everybody.
The co-operatives that existed – mainly in the industrial north of England – had a hard time staying solvent and many disappeared just as soon as new ones arrived. By the middle of the 19th century the movement had stablised somewhat as new start-ups learned the lessons of their failed predecessors.
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robert owen