Chapter 20: The financing of Mondragon co-operatives: a legal analysis
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Over recent years, the financial needs of companies have grown considerably for different reasons or circumstances. It is worth mentioning, firstly, the so-called "technological revolution" that increasingly requires the use of more modern and complex tools, and secondly, the phenomenon of globalization and the consequent profound alterations in the market. Strategies to promote innovation, technological development and internationalization have been defined with the aim to improve and increase competitiveness, but funding is necessary to cover the cost involved to implement these strategies. Nevertheless, the economic situation has become more complicated over the last few years. From the middle of 2008, we have been in a global crisis situation that has noticeably affected the economy in general and companies particularly. Co-operatives are not detached from this context and, as in the case of other organisational forms, they need the necessary funding to address the current challenges. However, as will be shown later, for concrete legal reasons, Spanish co-operatives have more difficulties in acquiring funds than other kinds of enterprises. In the following pages this legal challenge will be described and analysed in more detail. The first section presents the current situation of co-operative societies in Spain based on recently published data. The second section explains the most significant difficulties faced by Spanish co-operatives in the process of attracting and obtaining economic resources.

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