LOOKING AT PROFESSIONAL CRIME AS A RATIONAL ECONOMIC ACTIVITY, GEARED TO MAKING MONEY AND MINIMISING RISKS, ENABLES US TO SEE THAT THE ARRANGEMENT OF AUTONOMOUS THIEVES AND FENCES ENGAGING IN MARKET RELATIONS IS NOT LIKELY TO GIVE WAY TO AN ARRANGEMENT OF FENCES EXERCISING CENTRAL CONTROL OVER THIEVES. THERE MAY BE INDIVIDUALS IN THE UNDERWORLD WHO WILL WISH TO ATTEMPT SUCH CONTROL, BUT THEY ARE UNLIKELY TO SUCCEED UNLESS THEY CAN OFFER THIEVES SOME REAL ECONOMIC ADVANTAGES WITHOUT INCREASING THE RISKS OF CRIME TOO MUCH. (AUTHOR ABSTRACT)