A bitter pill? Peasants and sugarcane markets in Northern Pakistan

The markets faced by peasant households engaged in sugarcane production and processing in northern Pakistan depart from those proposed by neo‐classical economics in various ways. This article examines three ‘real’ markets and finds that certain agents may be able to ‘regulate’ market operations in their interest. As a consequence, peasant farmers must live with the reality of their structural subordination in ‘real’ markets.