this post was submitted on 19 Jun 2025
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There are very few markets in the US that actually achieve Adam Smith's "perfect market" (perfect competition)
The more expensive the individual item, the harder it is for there to be competition (costs of standing up factories, distribution and support, low volumes of sales etc), it's extremely expensive to set up in opposition to John Deere
There are other market statuses other than "controlled" and "free" - the vast majority of US markets are Oligopolies (few sellers many buyers). Processed / packaged foods for example - 99% of market volume is done by a couple of players.
A century ago there were many farm machinery manufacturers - the individual machines were less expensive in real terms, and the complexity much lower. A virtual monopoly (one very large and a few smaller players) has formed through insufficient regulation to protect competition - the big ones gobble up the small and competition gradually dwindles