Published: 11th Apr 2017

The Mondragon Corporation offers a new way to reimagine our economy, through its combination of economic success and social benefit, a new report by the Young Foundation says. The Basque-based organisation, the world’s largest worker-led cooperative association, with annual revenues of over €12 billion, was founded in 1956. It seeds and supports new businesses through an ecosystem approach and has grown to 261 autonomous cooperatives operating across 41 countries. Its model – while enjoying economic success – has cooperation and equality at its core. Each organisation is owned by its workers, and salary ratios do not exceed 1:9 between the lowest and highest paid workers. Its growth comes not through external finance or drivers but through inter-cooperation between the companies. Within the network are schools, a university, banks and welfare support, all of which provide the infrastructure to support and create new cooperatives. When one of its oldest ventures – … (To read the full article, subscribe below)