Abstract
A framework allowing the commercial transfer of property rights is an essential prerequisite to market exchange widely considered the prerogative of the state. Here, the social history of the legal regulation of agricultural markets in central, south and northeast India is examined. Regulatory law is shown to be riven with unanticipated outcomes, working as intended only under rare conditions of competition and absence of preharvest commercial debt. Meso level institutions of collective action and micro level behaviour by firms also regulate exchange, unsystematically according to their multiple objectives. Foreign funded projects and another layer of customary procedure. In the light of this analysis, the current policy debates over agricultural market reform are discussed and an analytical framework and suggestions for reform are offered.
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