I just read an interesting story from the Wall Street Journal which highlights how the cattle ranchers are reacting to the threat of plant-based meat alternatives. The threat is real and the ranchers have every reason to be worried. One part of their fight illustrates what is wrong with our supposedly capitalistic financial system. The cattle ranchers have enlisted the help of federal, state, and local governments.
Competition is good. The fact that we now have plant-based alternatives to beef means there is a healthy competitive market. This is good for consumers. If cattle ranchers want our business, they have to improve their product and their prices. Sadly, that’s largely not the course they are taking.
Right here in my home state of Missouri a law was recently passed by legislators that prevents any plant-based product from having the word meat on its product packaging. Basically, you can’t have a product using the words “meat-like”, “meat flavored”, or “meaty”. This is not capitalism. It’s an attempt to use political machinations to stifle a competitor and it’s all too common in this country. It’s destroying capitalism.
The other thing the cattle ranchers are doing is sponsoring so-called studies that disparage their competitors by making largely unsupported claims about the healthiness of the product. This is also a threat to true capitalism. Meanwhile, the plant-based meat producers are being forced to hire their own team of lobbyists and studies to fight these political and underhanded tactics. Both sides are having their lobbyists buy expensive trips and who knows what else for legislators in order to woo them into passing or not passing legislation that will help or harm their industry. Doesn’t anyone else see a problem with this?
We look to politicians to legislate our competitors out of business and that is hurting this country although, unsurprisingly, our politicians are happy to take gifts and cash from business owners who crawl to the politicians and piteously beg for favors.
You have a competitor? Make a better product. Market it better. Work harder. That’s capitalism.