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Industrial Common Ownership Movement (ICOM) was a UK national umbrella organisation for worker cooperatives, set up in 1971. It worked to increase the number of worker co-ops in the country.[1] ICOM's model rules for cooperatives, published in 1976, were based on a de-centralised and collectivist concept of democracy.[2] In 2001 ICOM merged with the Co-operative Union to become Co-operatives UK.
The Industrial Common Ownership Act
[edit]The Industrial Common Ownership Act that recognised common ownership companies in law was passed by the British Parliament in 1976. The first certificate was awarded to Scott Bader Company[3]. The emphasis on common ownership that inhibits the transfer of capital and assets to private interests is what differentiates the UK cooperative model from its continental European counterpart.[4] ICOM had a monopoly on registering UK co-ops under the common ownership model until the late 1980s.[5]
A number of laws were passed by Labour governments to allocate national and local funding to the costs of starting worker cooperatives. This included the setup of the national Co-operative Development Agency in 1978 and the Inner Urban Areas Act 1978. In subsequent years common ownership was promoted as a model to create employment, and approximately 100 local authorities in the UK established co-operative development agencies for this purpose.[6] Funding was also allocated to co-ops through the job creation schemes of Manpower Services Commission[7]. The number of worker co-ops in the UK grew from 100 or so in the mid-70s to 3000 by around 1990.[8]
Industrial Common Ownership Finance
[edit]Industrial Common Ownership Finance (ICOF) was set up in 1973 as a financial arm of ICOM, to allow a revolving loan fund for worker co-operatives.[9] This was needed because worker co-operatives commonly had trouble raising capital since their democratic model excluded the possibility of investment by outside shareholders. In 1976 ICOF received £250 000 through the Industrial Common Ownership Act.[10] The current trading name of ICOF is "Co-operative & Community Finance".
References
[edit]- ^ What are ‘the commons’ in the 21st century? Interview with Pat Conaty
- ^ Thornley, Jenny, The New Workers' Co-operatives, Focus, Marxism Today, 1985
- ^ Jones, Michael, Scott Bader: A Viable Form of Workplace Democracy, Workers' Participation Development Centre, 1994
- ^ Ridley-Duff, Rory, Cooperative Social Enterprises: Company Rules, Access to Finance and Management Practice, Emerald Group Publishing Ltd, 2009 p 2
- ^ Ridley-Duff, Rory, Cooperative Social Enterprises: Company Rules, Access to Finance and Management Practice, Emerald Group Publishing Ltd, 2009, p 2
- ^ Cornforth, Chris (1984). The role of local co-operative development agencies in promoting worker co-operatives. Annals of Public and Cooperative Economics, 55(3) pp. 253–280.
- ^ Thornley, Jenny, The New Workers' Co-operatives, Focus, Marxism Today, 1985
- ^ What are ‘the commons’ in the 21st century? Interview with Pat Conaty by Michael Lewis.
- ^ Industrial Common Ownership Finance (ICOF) c.1984 - 2001, Archives Portal Europe
- ^ Industrial Common Ownership Finance (ICOF) c.1984 - 2001, Archives Portal Europe