||Phillips formalized the view, expressed earlier by Nourse and others,
of the cooperative as joint action by farmers to gain the benefits of vertical
integration. Such a view has been at the heart of U.S. public policy toward
cooperatives. Phillips' article, as one of the first attempts to model
formally cooperative behavior, clarified many of the key questions that
economists have subsequently debated as they have attempted to build improved
models to analyze cooperative management and policy issues.