As Olson (1980) famously argued, collective action cannot satisfactorily be explained simply by the fact that it was in the collective interest of all those involved, in this case the memberships of the Board of Trade and the Merc. All their members benefited, even those who stood aside from it entirely. In such a situation, rational egoists the individuals posited in much of orthodox economic theory will free ride, leaving it to others to bear the costs of collective action, which will therefore not take place, even if it would foster the interests of all involved. Hence the possibility of a delightful paradox: the very markets in which Homo economicus, the rational egoist, appears to thrive cannot be created (if they require the solution of collective action problems, as in Chicago) by Homines economici.

Donald MacKenzie, An Engine, Not a Camera, loc. 673