The theoretical context of this paper is a critique of the liberal vision of the transition from apartheid as a process of the universalization of market access (as well as of citizenship rights). Its empirical context is the trajectory of &dquo;organized agriculture&dquo; since 1948, including the creeping &dquo;deregulation&dquo; of agriculture during the &dquo;reformist&dquo; phase of apartheid in the 1980s, with the main focus on how highveld agriculture (re)positioned itself during the transition period of 1990-1994. The strategic goal was securing the conditions of reproduction of historic property rights, and a key instrument of this the consolidation of the giant summer grain (maize) cooperatives. These represent a peculiar form of agribusiness that seeks both to satisfy the demands of modem capitalist enterprise and to support the project of maintaining Afrikaner dominance in the highveld in changing political and economic conditions.With the end of apartheid, South Africa continues to be a capitalist social formation as liberal thinkers (long) maintained it could (and should) be, against those currents in the liberation movement that once argued the indivisibility of apartheid and capitalism, hence their necessarily combined downfall: the &dquo;no middle road&dquo; position (Slovo, 1976). The reasons for the way apartheid ended, and debate of them, can not be rehearsed here (see O'Meara, 1996). It is enough to note that the political stalemate of the late 1980s -a mutual exhaustion of contending forces, as Engels once put it -registered both the apparent impossibility of overthrowing the apartheid regime by mass insurrection and the continuously escalating costs to capital of maintaining the racial order. Development Studies,