Drawing on a body of new archival research, the paper demonstrates that this emphasis on the plantation form fails to account for an official discourse that consistently championed the peasant smallholding as the ideal site for the realization of the colonial state’s developmentalist ambitions. It argues, moreover, that there was nothing inherently more altruistic or less exploitative about a colonial agrarian policy that sought to promote cash-crop cultivation on small properties rather than large estates. Making sense of this alternative trajectory of colonial capitalism, however, does require a more differentiated and pluralistic understanding of landed property and the multiple roles it might play at different moments in the process of capital accumulation. Crucial to this particular history is a tension between property as a technology for controlling labor and as a mechanism for transforming land into a financial instrument.
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