| Abstract |
This article attempts to develop, on the basis of the contemporary
economic theory of the firm - but with adaptation to the cooperative structure
- a realistic, workable, and reasonably complete theory of the economic
nature of the cooperative association. This theoretical framework involves:
(1) the economic structure of the cooperative association; (2) the economic
relationship among the participating units; and (3) the conditions necessary
for profit maximization in the cooperating firms. |
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