Thus far in our account of the political economy of food we have considered mainly the ‘external’ relations of the farm sector as regards non-farm capitals. In this chapter we turn in more detail to the ‘internal’ transformation of farming brought about by those relations during the second and third food régimes. To begin with we examine the theoretical perspectives that interpret the restructuring of agriculture; then we turn to empirical evidence on how farming has been changing over the last five decades in producing the raw materials of food.