Hard to feel too bad about MonsantoBy Jeffrey Tucker
Jun. 30, 2010
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The company’s profits are in a free fall.
Last month, Monsanto cut its full-year forecast as it said it would slash a variety of products at its weed-killer business and reduce prices close to those of generic competitors amid surging supplies of the herbicide. It plans to shift resources toward selling genetically modified seeds, but will need to persuade farmers to buy the more expensive new offerings as commodity prices are on the declineAs Food Inc. explained at length, Monsanto is a monopolist that benefits from its “intellectual property,” living by its IP and now suffering from it. One does wonder to what extent the organic food market has come about because the only serious way to avoid the monopolists is through the eschewing of modernity itself. Here the company attempts to explain its shift to base its entire model of profitability on government patents of its seeds.