A DISCUSSION OF A FISHERMEN'S COOPERATIVE ORGANIZATION FOCUSING ON THE BENEFITS OF COLLECTIVE ACTION WITH RESPECT TO BUFFERING, LEVELING, AND ANTICIPATION OF ENVIRONMENTAL IMPACTS. AT THE EMPIRICAL LEVEL THE ADVANTAGES THAT HAVE ACCRUED THROUGH ORGANIZATIONAL RATIONALITY CAN BE DOCUMENTED READILY. HOWEVER, BOTH ECONOMIC COST AND THE COUNTERVAILING POWER OF COMPETING ORGANIZATIONS LIMIT THE EFFECTIVENESS OF THE STRATEGIES USED. THE CONTINUING PROSPERITY OF FISHING IS ATTRIBUTABLE TO RISING PRICES IN THE FACE OF DIMINISHING SUPPLY. IF BUFFERING WERE A PANCEA, THE ORGANIZATION WOULD BE ABLE TO EXCLUDE FOREIGN FISHING FLEETS FROM THEIR TRADITIONAL FISHING GROUNDS. THE FIGHT BY AMERICAN FISHERMEN FOR THE ESTABLISHMENT OF A 200-MILE LIMIT IS A BUFFERING STRATEGY PROBABLY DOOMED TO FAILURE BECAUSE OF THE POWER OF THE COMPETING GROUPS. AS FOR COST, THE OWNERSHIP OF LAND TRANSPORT EQUIPMENT IS TOO EXPENSIVE, CAUSING THE ORGANIZATION TO "DEBUFFER" AND TURN TO OTHER TRANSPORT ARRANGEMENTS. LEVELING AND ANTICIPATION ALSO ARE LIMITING STRATEGIES. HOLDING FISH OFF THE MARKET TO CONTROL PRICE FLUCTUATIONS IS A LIMITED STRATEGY WHEN THE DIET OF THE POPULATION IS "CARNOCENTRIC" AND WHEN FISHERMEN HAVE NO OTHER SOURCES OF INCOME. A WELFARE FUND WOULD ENTAIL PROHIBITIVE PREMIUMS AND MIGHT ENCOURAGE MALINGERING. HENCE THE FISHERMEN'S COOPERATIVE IS VIEWED NOT AS AN ALL-POWERED LEVIATHAN BUT AS AN AGGREGATE WITH LIMITED, THROUGH VALUABLE, POWER.