!!!Genossenschaften

Cooperatives (Genossenschaften) are associations basically serving the 
promotion of the economic and entrepreneurial activities of their 
members (§ 1 Genossenschafts-Gesetz 1873 in the 1974 
version). This special task is the distinguishing feature between 
cooperatives and (mere) companies limited by shares. The originally 
required limitation of commercial transactions to members was 
abolished in 1974. From 1851 the British "Rochedale Pioneers" inspired 
Austrians to establish co-operatives: as workers´ associations 
("Konsum-Genossenschaften",  consumer co-operatives), according to the 
Schulze-Delitzsch system ( Gewerbliche Genossenschaften, i.e. 
industrial co-operatives), or according to the Raiffeisen system ( 
agricultural co-operatives consumer co-operations and financial 
organisations). Later housing co-operatives were founded. 
Co-operatives are subject to auditing associations. The Raiffeisen 
co-operative in particular has acquired a dominant position on the 
financial and agricultural sector and the co-operatives are nowadays 
characterised by a concentration process caused by the general 
economic development on the one hand and by the difficulties 
encountered in raising large amounts of money on the other.

!Literature
M. Patera (ed.), Handbuch des oesterreichischen 
Genossenschaftswesens, 1986.


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