Since the late 1970s, historical studies of colonial Bengal have been dominated by the recurrent theme of the 'return of the peasant', generally set against the previously predominant notion that British- created landlords were omnipotent agents of agrarian relations. Although the new historiography restores agency to the peasant, it seeks to attribute the agrarian decline in the late colonial Eastern Bengal, roughly Bangladesh, to the 'rich peasant'. It is argued that the rich peasant wielded hegemonic authority on their poor fellow co-religionists by forging a 'communal bond', while exploiting them from within. Such development is often considered linked to the separatist idea that offered a 'peasant Utopia' in the form of Pakistan against perceived Hindu domination. This article, while not altogether denying the role of the rich peasant, argues that the bhadralok, or the non-cultivating middle-class gentry, were far more powerful as a catalyst in agrarian relations in Eastern Bengal than is conceded in contemporary historical debates. In so arguing, this article re-examines the post-structuralist turn that appeared to replace the classical Marxist paradigm of class by that of culture and consciousness.