Abstract:
Background: The value of co-operatives, whether real or imagined, the basic philosophy underlying all co operative action is that, through joint effort and mutual self-interest individuals may collectively achieve
objectives unattainable by acting alone. Since their inception in 1498 (see Fairbairn, 2012; Williams, 2007), the
importance of co-operative organizations across the world cannot be overemphasized or underestimated. Co operatives are considered by development agents as grand instruments of development and redress of the socio economic failures (Birchall, 2013; ICA, 2013; ILO and ICA, 2015; Develtere, et al, 2008,). They are immensely
contributing to the realization of the United Nations' Sustainable Development Goals (SDGs) as postulated by
the International Co-operative Alliance International Labor Organization and other related development
agencies. According to the World Co-operative Monitor's (Exploring the Co-operative Economy, 2020) reports,
co-operatives are among the largest ventures in the world with high capital bases, large market shares, and
employers.
Purpose and Methodology: The purpose of this study paper was to establish the elements of the co-operative
axiology and their interrelationship with other components of the co-operative business modelling framework.
The qualitative approach was used for this study while building on the existing theories, concepts, and
knowledge.
Results: It was established that co-operatives are defined by various categories of axiology – the ethical values
that define principles and practices, the contributory value that shows the significance and contribution of co operatives to development, and the "ideological" value show how co-operative beliefs are held in different
countries and their influence the co-operative laws.
Conclusion: The result of this study is the identification of the different co-operative values to the co-operative
business models, and the value placed on agricultural co-operatives in the Kingdom of Saudi Arabia. The
originality of the study is categorization of the value of co-operatives – from the ethical, contributory, and
ideological value.
