The role of cooperatives in dealing with socio-economic challenges and crises

Cooperatives have had centuries-old traditions in Bulgaria and in the world. Their emergence and development have been related to the need to solve significant socio-economic problems, especially, in periods of deep crises and economic and social transformations. Since the beginning of the 21st century and in the context of the series of financial and economic crises, the Covid-19 pandemic and rising risks to the economies, cooperatives have played an important role in securing employment, in the fight against poverty and inequality, satisfying unmet needs and ensuring people's well-being through the production and supply of products and services to its members and the market. Cooperatives are sustainable organizations because they are based on values and principles such as: self-help, self-responsibility, democratic governance, voluntary participation, economic participation of members, solidarity, equality, justice, community care. The present study aims to analyze the role of cooperatives in addressing socio-economic challenges and their contribution to the sustainable development of economies and societies.