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The Theory of Peasant Co-operatives is the first translation of Chavanov's study of the transformation of the peasant economy within a market economy, and his prescription for the development of Russian agriculture. Predicting remarkably accurately the negative aspects of Stalin's collectivization programme, the hook offers a realistic alternative. Chavanov argues that the success of the co-operative system is dependent on combined development linking diverse form'. of farming organization. Although written in the 1920s, the theoretical concepts and practical insights Chavanov offers are directly relevant to the current restructuring o Soviet agriculture, as well as to debates about smallholders in the Third World and the so-called 'informal economies' of industrial societies. The book is likely to become an important text for students of sociology, development studies and Soviet studies.