Philippine E-Journals

The Dawn of Social Enterprise as Economic Model

Ernesto O. Golosino

Discipline: Economics, Social Entrepreneurship

 

Abstract:

The plunge of giant economies around the world brought about by the notorious financial crisis created a scenario of despair, anxiety, anguish and uncertainty. Such is the complete turnaround of what capitalism advocated. In his famous book “The Wealth of the Nations” Adam Smith seemed madly in love with free enterprise as a new weapon to advance societies and depart from antiquity. His passion was later on proved wrong by the emergence and resurrection of two horrific U.S Financial Crisis. So, what lies ahead for capitalistic economies? On the other end, cooperatives steadily carve its name under the shade of capitalism. It runs unnoticed due to its unique approach. With the fall of free enterprise, society started to admire the humble yet persevering paradigm of cooperation. With this exciting phenomenon, the researcher wish to ascertain the primordial role played by cooperatives as it shape simple communities into self-reliant enterprise and determine the economic contributions of social enterprise. The researcher utilized qualitative method benchmarked from the contentions of many scholars. The results indicated that cooperative is a thriving industry with holistic intent; that is capability building for its members and setting aside profit as individual pursuit.