But drought, low cattle prices and exhausted mines meant that many landowners were keen to sell.

ECONOMIST: Private money comes to the rescue

Despite help with research from the state-owned bank, and finance from a state agency, low cattle prices meant that the ranchers could never raise enough capital to keep the co-operative going.

ECONOMIST: Can the rules be bent just enough to keep them alive?

Niman's cattle graze on high grass for at least 14 months and then spend 5 months at low-density (83 cattle per acre) feedlots.

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He lost money on a cattle-ranching operation to produce low-fat beef, for instance.

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Sounding as if he were shocked, shocked, that there were insider dealings going on, Roski filed a lawsuit in 1991 accusing the City Council of buying land and then renting it to the mayor at a low-ball fee for his farming and cattle business.

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