“Just as the financial industry caused a near-meltdown of the global economy in 2008, the food industry has facilitated the explosion of obesity around the world.”
Another impressive opinion piece by Kenneth Rogoff at Project Syndicate. Using the example of the food industry he attacks the "pathological regulatory-political-economic dynamic" of today’s capitalism.
Two extracts worth quoting:
“Coronary capitalism is fantastic for the stock market, which includes companies in all of these industries. Highly processed food is also good for jobs, including high-end employment in research, advertising, and health care.”
“If our only problems were the food industry causing physical heart attacks and the financial industry facilitating their economic equivalent, that would be bad enough. But the pathological regulatory-political-economic dynamic that characterizes these industries is far broader. We need to develop new and much better institutions to protect society’s long-run interests.”