Economies of scale work, but margins for fertilizer, seed, and chemicals are razor thin, so the big operators don’t get that much of a break. The multiples might look good, but costs still add up, and if you’re running older equipment, repairs can be a big expense. If they’re overpaying for land, higher costs wipe out any savings. Sure, you need land to farm, and that’s where the $30.00 figure comes from. My bachelor neighbor, on the same farm he slightly expanded after his dad quit, could buy a lot of land with cash—now that’s a whole different world.
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Maybe look back sixty years and recall what Japan was sending us. The cars were not bad mechanically but a lot were rust buckets that rotted out from underneath you. Over time the quality improved immensely and now they have a good share of the North American market. I bought a 1978 Datsun 280Z in March of '78 and it was a great car but did rust. The Japanese gave us tinny little transistor radios but in a few years were building good quality audio and video equipment. The Chinese will make similar advances in their exports and India won't be far behind. The high tech tools for production and marketing are accelerating the process. North America is a high cost economy and is easy for lesser developed economies to compete with. The Americans see this and are fighting to maintain dominance and they might be able to maintain superiority for a while but in the end economics will win out.
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