What financial cooperatives can teach the big banks
05 Nov 2012
The success of financial cooperatives during the global financial crisis shows there is a credible alternative to the investment-owned banking system.
GENEVA (ILO News) – While many big banks struggled for survival during the global economic crisis, networks of financial cooperatives – customer owned banks - weathered the storm and came out strong.
Data presented to the ILO by Professor Johnston Birchall, Professor of social policy at Stirling University (United Kingdom), show that this “alternative banking system” has been more stable and more efficient than many economists had predicted.
