词条 | Bond of association |
释义 |
The (common) bond of association or common bond is the social connection among the members of credit unions and co-operative banks. Common bonds substitute for collateral in the early stages of financial system development. Like solidarity lending, the common bond has since played an important role in facilitating the development of microfinance for poor people. In modern financial systems, common bonds remain a key building block, especially for the strategic networks that underpin many of Europe’s co-operative banks.[1] How bonds workHermann Schulze-Delitzsch, an early co-operative organizer, explained the concept of the ‘bond of association’ at credit union meetings in this way: {{quote|... your own selves and character must create your credit, and your collective liability will require you to choose your associates carefully, and to insist that they maintain regular, sober and industrious habits, making them worthy of credit.[2]}}In his book People’s Banks (1910), Henry W. Wolff summarized the character of this ‘common bond’ based on his observations of credit unions all over Europe:[3]
Diverse types of bondsThere are several distinct types of bonds, corresponding to distinctive types of credit unions. For example:
Debate between Schulze-Delitzsch and RaiffeisenA bitter debate between two German credit union pioneers over the nature of bonds of association eventually ended in a tie, with Schulz-Delitzsch’s approach dominating in urban settings, and Raiffeisen’s dominating in rural ones. The bond of association for Schulze’s larger, more urban ‘people’s banks’ required all members to contribute substantial share capital. He advocated that these banks should receive the protection of limited liability. Friedrich Wilhelm Raiffeisen strongly opposed any share capital requirement. Arguing that most farmers had too little cash to afford share capital, he maintained that the principle of unlimited joint liability was "indispensable in small districts". It was needed "in order to prevent the Unions from excess, since it makes the administrative bodies conscious of their moral and material responsibilities."[7]References1. ^Martin Desrochers, Klaus P. Fischer & Jean-Pierre Gueyie. Managing contractual risk through organization: strategic vs. consensual networks. Développement International Desjardins, Levis, Quebec, May 2004. 2. ^J. Carroll Moody & Gilbert C. Fite. The Credit Union Movement: Origins and Development 1850-1980. Kendall/Hunt Publishing Company, Dubuque, Iowa, 1984, p. 4 3. ^Henry W. Wolff. People's Banks: A Record of Social and Economic Success. P.S. King & Son, London, 1910, pp. 37-38 4. ^{{cite web|url=http://www.fin.gc.ca/toc/2000/ccu_-eng.asp |title=Canada's Credit Unions and Caisses Populaires |date=February 2000 |work=Department of Finance (Canada) |accessdate=2009-10-15 |deadurl=bot: unknown |archiveurl=https://web.archive.org/web/20090304175302/http://www.fin.gc.ca/toc/2000/ccu_-eng.asp |archivedate=2009-03-04 |df= }} 5. ^Ian MacPherson. Hands Around the Globe: A History of the International Credit Union Movement and the Role and Development of World Council of Credit Unions, Inc. Horsdal & Schubart Publishers & WOCCU, Victoria, Canada 1999, p. 23 6. ^Graham Owen. Rural outreach and financial cooperatives: SACCOs in Kenya. World Bank (Agriculture and Rural Development), Washington, 2007. 7. ^Friedrich Wilhelm Raiffeisen. The Credit Unions. Fifth (1887) edition, translated from the German by Konrad Engelmann. Raiffeisen Printing & Publishing Company, Neuwied on the Rhine, Germany, 1970, p. 46. See also
5 : Cooperatives|Credit unions|Microfinance|Social economy|Rural community development |
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