Oligopoly in the Global Food Industry to Control Something We Aren’t Ready For

Economics defines different market structures and how they can develop an industry or disrupt it. Oligopoly, a market structure in which a small number of firms dominate the market, characterized by high entry barriers, large economies of scale, regulatory hurdles, or technological advantages, is the most evident structure that often exists in global economies and dominated entire value chain of global firms. Oligopolies exist in most industries, if not all. With corporations primarily located in developed nations controlling most of the key parts of the global value chain. Agriculture and food are the earliest industries because wherever humans exist, they need food to survive and thrive. It is the only industry that will always remain wherever humans exist. Considering the importance of the food industry, developed countries protect it through intellectual property or IP rights, especially patents and trademarks. Oligopolies exist in the global food industry to protect it from outside competition.   Smile Curve defines three stages of production: pre-production, production, and post-production. The pre-production includes research and development of the new technologies that will be used to grow crops, i.e., genetically modified organisms (GMOs), breeding techniques, and agricultural designs. Currently, there is a strong oligopoly exist across the……