I should declare a bias before I start. I grew up in regional Austria surrounded by agricultural co-operatives. The Lagerhaus sold the seed, the fertiliser and the diesel. The dairy co-op collected the milk. I’ve known them from the farm gate and, briefly, from inside the farmers’ league that runs alongside them. I’ve seen what they do well when their members actually run them, and I’ve seen what happens when governance gets comfortable and they start behaving like the corporations they were founded to keep at bay. They remain, perhaps sentimentally, a favourite of mine.