A Sustainable Future: how can control of monopoly power play a part?

Holmes, S. M.; Meagher, Michelle

doi:10.2139/ssrn.4099796

Cited by 6 publications

(5 citation statements)

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“…Measures that seek to curb the excessive financial, economic and political influence of the ultra‐processing regime's powerful actors, including the ‘central’ UPF corporations, also need to be considered. In this respect, potential examples include abolishing agricultural subsidies that promote large‐scale commodity crop production, taxing the advertising of harmful products like UPFs and reinterpreting unsustainable business practices as abuses of market dominance subject to antitrust enforcement (Gortmaker et al, 2015; Holmes & Meagher, 2022; IPES‐Food, 2017b).…”

Section: Discussionmentioning

confidence: 99%

“…In this respect, potential examples include abolishing agricultural subsidies that promote large-scale commodity crop production, taxing the advertising of harmful products like UPFs and reinterpreting unsustainable business practices as abuses of market dominance subject to antitrust enforcement (Gortmaker et al, 2015;Holmes & Meagher, 2022;IPES-Food, 2017b).…”

Section: Discussionmentioning

confidence: 99%

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Behind the ‘creative destruction’ of human diets: An analysis of the structure and market dynamics of the ultra‐processed food manufacturing industry and implications for public health

Wood

Williams

Baker

et al. 2023

Journal of Agrarian Change

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A global transition towards diets increasingly dominated by ultra‐processed foods (UPFs) has occurred in recent decades to the detriment of public health and the environment. This study aimed to examine long‐term trends in the structure and market dynamics of the global UPF manufacturing industry as part of broader efforts to understand the drivers of this transition. Using diverse methods, metrics and data sources, we examined several dimensions (e.g., industry concentration and profitability) according to an adapted structure–conduct–performance model. We found that the global UPF manufacturing industry has evolved to become a major component of global food systems, with its longstanding dominant corporations becoming some of the system's largest accumulators of profit and distributors of capital. It follows that reversing the global UPF dietary transition will require structural and regulatory changes to ensure that population diets, and food systems more broadly, are not subordinated to the interests of powerful for‐profit business corporations.

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Section: Discussionmentioning

confidence: 99%

Section: Discussionmentioning

confidence: 99%

Behind the ‘creative destruction’ of human diets: An analysis of the structure and market dynamics of the ultra‐processed food manufacturing industry and implications for public health

Wood

Williams

Baker

et al. 2023

Journal of Agrarian Change

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“…Taxes on sugary drinks provide an illustrative example of such a measure [104], and the application of a similar style of tax to a broader range of unhealthy foods warrants serious consideration [105]. More broadly, cross-sectoral actions such as transitioning agricultural policies away from providing major UPF corporations with heavily subsidised inputs [106], as well as strengthening and rethinking competition law and enforcement (e.g., by treating cost externalisation as an abuse of market dominance in cases where it provides an unfair competitive advantage), constitute a crucial part of this strategy [107].…”

Section: Recommendationsmentioning

confidence: 99%

What is the purpose of ultra-processed food? An exploratory analysis of the financialisation of ultra-processed food corporations and implications for public health

Wood,

Robinson,

Baker

et al. 2023

Preprint

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Background In recent decades there has been a global rise in consumption of ultra-processed foods (UPFs) to the detriment of population health and the environment. Large corporations that have focused heavily on low-cost manufacturing and extensive marketing of UPFs to maximise profits have driven this dietary transition. The same corporations claim to serve the interests of multiple ‘stakeholders’, and that they are contributing to sustainable development. This paper aimed to test these claims by examining the degree to which UPF corporations have become ‘financialised’, focusing on the extent to which they have been prioritising the financial interests of their shareholders relative to other actors, as well as the role that various types of investors have played in influencing their governance. Findings were used to inform discussion on policy responses to improve the healthiness of population diets. Methods We adopted an exploratory research design using multiple methods. We conducted quantitative analysis of the financial data of U.S. listed food and agricultural corporations between 1962 and 2021, share ownership data of a selection of UPF corporations, and proxy voting data of a selection of investors between 2012 and 2022. We also conducted targeted narrative reviews using structured and branching searches of academic and grey literature. Results Since the 1980s, corporations that depend heavily on manufacturing and marketing UPFs to generate profits have been increasingly transferring money to their shareholders relative to their total revenue, and at a level considerably higher than other food and agricultural sectors. In recent years, hedge fund managers have had a substantial influence on the governance of major UPF corporations in their pursuit of maximising short-term returns. In comparison, investors seeking to improve population diets have had limited success, in part because large asset managers mostly oppose public health-related shareholder proposals. Conclusions The operationalisation of ‘shareholder primacy’ by major UPF corporations has driven inequity, and undermines their claims that they are creating ‘value’ for diverse actors. Measures that protect population diets and food systems from the extractive forces of financialisation are needed as part of efforts to improve the healthiness of population diets.

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“…58,59 Some jurisdictions, however, have wider antitrust policy objectives than those prescribed by consumer welfarists, or at least are in the process of widening such objectives, that are arguably better aligned with the strategic objective of dispersing corporate power. [60][61][62][63] For instance, one of the stated objectives of the Republic of Korea's Monopoly Regulation and Fair Trade Act is to prohibit the excessive concentration of economic power. 64 South Africa, as another example, has a model in which its antitrust agencies and courts must consider a set of public interest considerations, some which relate to the social and economic welfare of its so-called 'Historically Disadvantaged Persons, ' that was reportedly established to help restore a society deeply divided along racial and socioeconomic lines.…”

Section: Inclusion Exclusionmentioning

confidence: 99%

Taking on the Corporate Determinants of Ill-health and Health Inequity: A Scoping Review of Actions to Address Excessive Corporate Power to Protect and Promote the Public’s Health

Wood,

Lacy-Nichols,

Sacks

2023

Int J Health Policy Manag

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Background: In many sectors of the economy, for-profit business corporations hold excessive power relative to some governments and civil society. These power imbalances have been recognised as important contributors to many pressing and complex societal challenges, including unhealthy diets, climate change, and widening socio-economic inequalities, and thus pose a major barrier to efforts to improve public health and health equity. In this paper, we reviewed potential actions for addressing excessive corporate power. Methods: We conducted a scoping review of diverse literature (using Scopus, Web of Science, HeinOnline, and EBSCO databases), along with expanded searches, to identify state and collective actions with the potential to address excessive corporate power. Actions were thematically classified into overarching strategic objectives, guided by Meagher’s ‘3Ds’ heuristic, which classifies actions to curb corporate power into three groups: dispersion, democratisation, and dissolution. Based on the actions identified, we proposed two additional strategic objectives: reform and democratise the global governance of corporations, and strengthen countervailing power structures. Results: We identified 178 documents that collectively cover a broad range of actions to address excessive corporate power. In total, 18 interrelated strategies were identified, along with several examples in which aspects of these strategies have been implemented. Conclusion: The proposed framework sheds light on how a diverse set of strategies and actions that seek to address excessive corporate power can work synergistically to change the regulatory context in which corporations operate, so that broader societal goals, including health and equity, are given much greater prominence and consideration vis-à-vis powerful corporate interests.

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A Sustainable Future: how can control of monopoly power play a part?

Cited by 6 publications

References 0 publications

Behind the ‘creative destruction’ of human diets: An analysis of the structure and market dynamics of the ultra‐processed food manufacturing industry and implications for public health

Behind the ‘creative destruction’ of human diets: An analysis of the structure and market dynamics of the ultra‐processed food manufacturing industry and implications for public health

What is the purpose of ultra-processed food? An exploratory analysis of the financialisation of ultra-processed food corporations and implications for public health

Taking on the Corporate Determinants of Ill-health and Health Inequity: A Scoping Review of Actions to Address Excessive Corporate Power to Protect and Promote the Public’s Health

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