High grocery prices and food insecurity – the system is broken all over the world
Gisèle Yasmeen is a senior fellow at the School of Public Policy and Global Affairs’ Institute of Asian Research
We often don’t think about such costs. But they matter to the global economy. They include the negative environmental consequences of industrial food production, processing and distribution, and the food insecurity that results when a handful of big players dominate the market at the expense of small businesses.
With the world burning up due to climate change, the reality of COVID-19 and other pandemics, and an increasingly volatile geopolitical context affecting global supply chains, never has the case been stronger to reinvent our dominant global food system. While in theory size results in efficiency and economics of scale for these big players, letting them sell their products more cheaply, there are also diseconomies of scale. Recall that for more than a decade, Canadian grocers used their concentration of power to fix bread prices.
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