Abstract: Consumer cooperatives in early 20th century Spain were based on the Rochdale model. That is, profits were distributed among their members in the form of dividends or social and cultural services. In this study, we examine how these consumer co-ops responded to an unexpected demand shock, the First World War, which brought about high inflation. To this end, we carry out a quantitative analysis based on a survey compiled by the Instituto de Reformas Sociales (Spanish Institute of Social Reform, IRS) between 1910 and 1920. This survey contains retail price information for essential items (food, energy…). Interestingly, prices are available for both, consumer co-ops and other retailers, thereby permitting a direct comparison. Overall, our study confirms that, between 1910 and 1914, goods sold at co-ops were slightly more expensive. However, and as inflation picked up, this was reversed. Co-op prices became relatively cheaper which in turn hints their concern for the rising cost of living of their members, largely working class, even if that meant potentially putting at risk their financial health.
With Francisco J. Medina Albaladejo (Documento de Trabajo)