Today’s links For 40 years, Big Meat has openly colluded to rig prices: A long-overdue antitrust beatdown for Agri Stats. Hey look at this: Delights to delectate. This day in history: 2013, 2018 Colophon: Recent publications, upcoming/recent appearances, current writing projects, current reading For 40 years, Big Meat has openly colluded to rig prices (permalink) Noted socialist agitator Adam Smith once wrote, “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the publick, or in some contrivance to raise prices.” Smith was articulating a basic truth: when an industry grows concentrated, it grows cozy. Cultural differences between dominant firms are homogenized as top executives move from company to company, cross-pollinating attitudes and approaches. Ambituous, firm-hopping workaholic top brass make all their friends at the office, and so their former colleagues from one or two jobs back remain in their social circles. Once an industry consists of half a dozen firms, the people running those companies constitute an incestuous financial polycule. They are executors of one anothers’ estates, best men and maids of honor at one anothers’ weddings, godparents to each others’ kids. They play on the same softball teams and take family vacations together. It would be heartwarming if it wasn’t for the cost to the rest of us. Remember Smith’s maxim: “the conversation ends in a conspiracy against the publick, or in some contrivance to raise prices.” Class solidarity among corporate executives forms a united front to…Pluralistic: For 40 years, Big Meat has openly colluded to rig prices (04 Oct 2023)