I have several comments related to differances in goverance, distribution of economic benefits, and strategic purpose. That is NOT to say cooperatives don't factor in the value of member equity or returns to equity or net earnings. I have already alluded to some of the differances that exist between how economic beneifts are derviced from or distributed by cooperatives as opposed to investor oriented firms. Orientation is a useful term to describe these differances.
Some cooperatives provide the greatest economic value to members by simply existng.
It may be the only economic alternative for members, offer critical extension of member's own business, or deliver products or services no other firm could or would. There are clear differances here in how firms position themselves and select strategies. Both types of firms have to compete in the same markets, but have significantly differant underlying goals and strategies. The jury is still out on how farmer's interests will be best served in some of the joint ventures moving forward. Summary I have tried to avoid any theological discussion and focus on some economic issues.