Stephen Downes commented here on the differences:
collaboration means ‘working together’. That’s why you see it in market economies. markets are based on quantity and mass.cooperation means ’sharing’. That’s why you see it in networks. In networks, the nature of the connection is important; it is not simply about quantity and mass …You and I are in a network – but we do not collaborate (we do not align ourselves to the same goal, subscribe to the same vision statement, etc), we *cooperate*