values as "values of self-help, self-responsibility, democracy, equality, equity and solidarity. In the tradition of their founders, cooperative members believe in the ethical values of honesty, openness, social responsibility and caring for others".
The cooperative principles have been well defined in the ICIS. The cooperative values remain vague and undefined. The fact, however, remains that at the back of the cooperative principles are the cooperative values which are the pillars of successful working of cooperatives.
Cooperative values do not reject the importance of material goods and services and are not an altruistic doctrine. Yet it rejects the crass materialism characterized by greed, unscrupulousness and exploitation. Cooperation subordinates materialism to human beings. It is the human being and not the capital or money which is at the core of the cooperative philosophy.