Social Economy and Banbridge in County Louth
Social economy: a third sector in economies
Economies may be considered to have three sectors:
the business private sector, which is privately owned and profit motivated;
the public sector which is owned by the state;
the social economy, that embraces a wide range of community, voluntary and not-for-profit activities.
Sometimes there is also reference to a fourth sector, the informal sector, where informal exchanges take place between family and friends.
The third sector can be broken down into three sub-sectors; the community sector, the voluntary sector and the social enterprise sector:
The community sector includes those organisations active on a local or community level, usually small, modestly funded and largely dependent on voluntary, rather than paid, effort. Examples include neighbourhood watch, small community associations, civic societies, small support groups, etc.
The UK's National Council for Voluntary Organisations describes the voluntary sector as including those organizations that are: formal (they have a constitution); independent of government and self-governing; not-for-profit and operate with a meaningful degree of volunteer involvement. Examples include housing associations, large charities, large community associations, national campaign organisations, etc.
According to the UK government's definition, the social enterprise sector includes organisations which "are businesses with primarily social objectives whose surpluses are principally reinvested for that purpose in the business or in the community, rather than being driven by the need to maximise profit for shareholders and owners". Examples include co-operatives, building societies, development trusts and credit unions.
The social economy spans economic activity in the community, voluntary and social enterprise sectors. The economic activity, as with any other economic sector, includes: employment; financial transactions; the occupation of property; pensions; trading; etc.
The social economy usually develops because of a need to find new and innovative solutions to issues (whether they be socially, economically or environmentally based) and to satisfy the needs of members and users which have been ignored or inadequately fulfilled by the private or public sectors.
By using solutions to achieve not-for-profit aims, it is generally believed that the social economy has a distinct and valuable role to play in helping create a strong, sustainable, prosperous and inclusive society.
Successful social economy organisations can play an important role in helping deliver many key governmental policy objectives by:
helping to drive up productivity and competitiveness;
contributing to socially inclusive wealth creation;
enabling individuals and communities to work towards regenerating their local neighbourhoods;
showing new ways to deliver public services; and
helping to develop an inclusive society and active citizenship
Banbridge
Banbridge is a town in County Down, Northern Ireland. It lies on the River Bann and the A1 road. It was named after a bridge built over the Bann in 1712. The town grew as a coaching stop on the road from Belfast to Dublin and thrived from Irish linen manufacturing. Its population was 14,744 people in the 2001 Census though is said to have raised in population by a fifth since then, suggesting a population of around 18,000. The town is the headquarters for Banbridge District Council.
The town's main street is very unusual, and rises to a steep hill before levelling-out. In 1834 an underpass was made, apparently because horses with heavy loads would faint before reaching the top of the hill. It was built by William Dargan and is officially named 'Downshire Bridge', though it is often called 'The Cut'.
Banbridge, home to the "Star of the County Down", is a relatively young town. The town grew up around the site where the main road from Belfast to Dublin crossed the River Bann over an Old Bridge which was situated where the present bridge now stands.
The town owed its success to flax and the linen industry, becoming by 1772 the principal linen producing district in Ireland with a total of 26 bleachgreens along the Bann. This industry has now greatly diminished in prominence, but Banbridge still has two of the major producers in Ulster Weavers Ltd, and Thomas Ferguson & Co Ltd., the last remaining Irish linen damask weaver.
Since 2004, Banbridge has staged an annual busking competition and music festival called Buskfest. Performers have travelled from as far as Australia to participate in the competition and the evening concert has included a number of world-famous artists.
Recently, Banbridge has been twinned with Ruelle in France.
Voluntary Sector
The voluntary sector or community sector (also non-profit sector) is the sphere of social activity undertaken by organizations that are for non-profit and non-governmental. This sector is also called the third sector, in reference to the public sector and the private sector. Civic sector is another term for the sector, emphasizing the sector's relationship to civil society.
The Cabinet Office of the British government has an Office of the Third Sector that defines the "third sector" as "the place between State and (the) private sector."
The presence of a large non-profit sector is sometimes seen as an indicator of a healthy economy in local and national financial measurements. With a growing number of non-profit organizations focused on social services, the environment, education and other unmet needs throughout society, the nonprofit sector is increasingly central to the health and well-being of society. Expert Peter Drucker suggests that the nonprofit sector provides an excellent outlet for a variety of society's labor and skills.