Abstract
The recent surge in land-based investments in the global South has been seen as both an opportunity for rural economic development and as a trend that poses significant social and environmental risks. This study sheds light on this debate through a look at the tobacco industry in Malawi. We employ a case study approach to investigate how rights, property, and authority associated with land and forest resources have shifted in the context of expanded investments in tobacco, and the stakes for both local land users and citizens. Findings point to the need to broaden the metric of risks and trade-offs associated with large-scale land acquisitions, and to engage in a deeper reading of how these are borne out throughout history.