People, Place and the Economy: The Social Value of Mutuals

People, Place and the Economy: The Social Value of Mutuals explores how co-ops and mutuals create social value through their ownership structures, governance, long-term relationships, and commitment to people and place.

Published by the Centre on Mutual and Co-owned Business at Kellogg College, University of Oxford, the report identifies seven “sector truths” that describe how mutuals generate value beyond conventional financial measures.

Report at a glance

• Publisher: Centre on Mutual and Co-owned Business, Kellogg College, University of Oxford

• authors: Professor Jonathan Michie, Peter Hunt, and Mark Willetts

• Year: 2026 

• Focus: The social value created by co-operatives and mutuals 

• Geographic scope: United Kingdom, with wider relevance for mutual and cooperative sectors

• Format: PDF report 

• Audience: Governments, multilateral institutions, cooperative leaders 

Why this report is useful

This report helps explain why social value in cooperatives and mutuals is not an add-on, marketing claim, or corporate social responsibility activity. It is created through the way these businesses are owned, governed, financed, and connected to their members and communities.

For New Zealand readers, the report provides a useful framework for describing the contribution of member-owned businesses to resilience, inclusion, regional economies, and long-term wellbeing.

Key themes explored

• Profits for people, rather than external shareholders

• Building household, member, and organisational resilience

• The importance of place, local presence, and community anchoring

• Serving people and communities that markets often underserve

• Member-shaped purpose and trust

• Long-term relationships as a source of social value

• The role of mutuals in creating a more stable and diverse economy

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