In food supply, I think the issue is regulatory capture. If you make food in the USA you almost have to have a lawyer on staff to navigate all the regulation. Compliance team sizes are growing in ag. The difficulty of starting up a competing meatpacker plant is getting harder every year. When the ability of entry into food production is harder every year, you don't have to compete on efficiency and it trends toward monopoly.

How does a gradual consolidation over 40 years explain a sudden spike in meat prices in the past year? The meat industry was only barely less concentrated in 2017 than 2021.