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This paper questions the orthodox Marxist view of merchant capital as “unproductive,” by highlighting the importance of traders in subsuming the countryside to the logic of capital. However, it also argues that in order to properly understand the role played by traders in agrarian change, critical Marxist scholarship on merchant capital needs to recognize the complex marketing systems in which traders and farmers operate. These markets have their own internal relations, organizational and institutional logic which in turn is tied to the specificity of the commodity. Using wheat markets in colonial Punjab as a case study, it then utilizes the framework of complex marketing systems to highlight the range of firms and farms that operated in these markets; the importance of personal relations and informal institutions of family, caste, and religion for establishing trust; and the class stratified nature of market participants. It was from within these informally organized markets that commercial capital first emerged in colonial Punjab. By creatively combining the concept of commercial capital with markets as complex systems, it hopes to provide a richer framework for the study of agrarian change in diverse contexts.

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