Balancing efficiency and equity. Consumer cooperatives in Barcelona (Spain), 1898-1936: An economic and financial-ratio analysis

Economic theory tends to link the emergence of cooperatives with moments of economic crisis, and to regard them as less efficient than investor-owned firms. This work aims to test these premises by analysing the economic and financial performance of fourteen consumer cooperatives in Barcelona (Spain) from the late nineteenth century to the beginning of the Spanish Civil War in 1936. Economic and financial ratios are analysed, based on the cooperatives' balance sheets, in order to identify strengths and weaknesses. The main conclusion is that these organisations could operate efficiently, although they found it difficult to grow and become more competitive.