Precarity, illicit markets, and the 'mystery' of prices

Stand-alone price analysis of illicit opium and coca does not explain why smallholders turn to illicit crops for coping and survival. Under conditions of precarity, illicit crop markets can stimulate productivity. They generate returns that can tame crises and relieve pressures. To smallholders facing marginalisation, violence, and climate change - growing opium and coca, despite their illegality, can reduce or spread risks and provide more predictability. Thus, rather than fix on the 'invisible hand' of price theory, the focus should be on the 'visible hand' of political entrepreneurship, interdependent relationships, and the metrics of precarity. To do this, this paper retrospectively compares illicit crop prices before and after certain historical moments in Bolivia, Myanmar, Colombia, and Afghanistan.