Cooperative model as an alternative to socialism and capitalism

Prime Minister Narendra Modi recently claimed that the cooperative movement in Gujarat has developed a successful alternative model to both socialism and capitalism. It has to be noted that, India's 1st home minister Sardar Patel who as chairman of Ahmedabad Municipality had started India’s first cooperative housing society, Pritamnagar, in Ahmedabad in 1927.

What is socialism?

Socialism is a populist economic and political model dependent on the public or collective ownership of the means of production which include tools, machinery and factories utilised to manufacture goods for satisfying human needs.

What is capitalism?

Capitalism is an economic model in which the means of production are owned and controlled by private individual or businesses. The manufacture of goods and services is dependent on demand and supply in the mar