diff --git a/examples/infospace-with-history/infospace.yaml b/examples/infospace-with-history/infospace.yaml
index 882931f6..0795190b 100644
--- a/examples/infospace-with-history/infospace.yaml
+++ b/examples/infospace-with-history/infospace.yaml
@@ -17,6 +17,7 @@ schemas:
   entity: schemas/economic-entity-schema-v1.0.md
   mapping: schemas/vsm-mapping-schema-v1.0.md
   analysis: schemas/chapter-analysis-schema-v1.0.md
+  relation: schemas/relation-schema-v1.0.md
 
 competency_questions: |
   1. How does Smith's division of labour map to VSM System 1 operations?
diff --git a/examples/infospace-with-history/output/relations/accumulation_of_stock--enables--division_of_labour.md b/examples/infospace-with-history/output/relations/accumulation_of_stock--enables--division_of_labour.md
new file mode 100644
index 00000000..15e431de
--- /dev/null
+++ b/examples/infospace-with-history/output/relations/accumulation_of_stock--enables--division_of_labour.md
@@ -0,0 +1,38 @@
+# Accumulation of Stock — enables — Division of Labour
+
+## Subject
+
+Accumulation of Stock
+
+## Predicate
+
+enables
+
+## Object
+
+Division of Labour
+
+## Relation Type
+
+enables
+
+## VSM Channel
+
+S3 → S1 (capital stock managed at S3 deploys productive capacity at S1)
+
+## Evidence
+
+Book I, Chapter 6: "As soon as stock has accumulated in the hands of
+particular persons, some of them will naturally employ it in setting to work
+industrious people, whom they will supply with materials and subsistence."
+
+## Feedback Role
+
+**Capital Accumulation loop (positive/reinforcing):**
+Accumulation of Stock → enables → Division of Labour → increases →
+Productive Powers of Labour → raises → Profits of Stock → funds →
+Accumulation of Stock.
+
+This edge (enables) is the initiating link: accumulated capital is the
+prerequisite for organising specialised production. Without prior accumulation
+there is no employer to assign and coordinate different tasks.
diff --git a/examples/infospace-with-history/output/relations/accumulation_of_stock--increases--market_price_of_commodities.md b/examples/infospace-with-history/output/relations/accumulation_of_stock--increases--market_price_of_commodities.md
new file mode 100644
index 00000000..95442bf9
--- /dev/null
+++ b/examples/infospace-with-history/output/relations/accumulation_of_stock--increases--market_price_of_commodities.md
@@ -0,0 +1,42 @@
+# Accumulation of Stock — increases supply that depresses — Market Price of Commodities
+
+## Subject
+
+Accumulation of Stock
+
+## Predicate
+
+increases supply, depressing
+
+## Object
+
+Market Price of Commodities
+
+## Relation Type
+
+regulates
+
+## VSM Channel
+
+S3 → S2 (capital deployment increases supply, correcting price signal)
+
+## Evidence
+
+Book I, Chapter 7: "When the quantity brought to market exceeds the
+effectual demand, it cannot be all sold to those who are willing to pay
+the whole value of the rent, wages and profit, which must be paid in
+order to bring it thither. Some part must be sold to those who are
+willing to pay less, and the low price which they give for it must
+reduce the price of the whole."
+
+## Feedback Role
+
+**Market Price Balancing loop (negative/balancing):**
+Market Price above Natural Price → attracts → Capital inflow →
+increases supply → depresses → Market Price back toward Natural Price.
+
+This edge (increases supply, depressing) closes the balancing loop:
+directed capital raises output until oversupply brings price back down.
+This is the mechanism behind Smith's claim that natural price acts as
+the "central price, to which the prices of all commodities are
+continually gravitating."
diff --git a/examples/infospace-with-history/output/relations/division_of_labour--constrains--market_extent.md b/examples/infospace-with-history/output/relations/division_of_labour--constrains--market_extent.md
new file mode 100644
index 00000000..f190077c
--- /dev/null
+++ b/examples/infospace-with-history/output/relations/division_of_labour--constrains--market_extent.md
@@ -0,0 +1,40 @@
+# Division of Labour — constrains — Market Extent
+
+## Subject
+
+Division of Labour
+
+## Predicate
+
+limited by
+
+## Object
+
+Market Extent
+
+## Relation Type
+
+constrains
+
+## VSM Channel
+
+S2 ← S1 (the coordination reach of markets bounds the scope of operational specialisation)
+
+## Evidence
+
+Book I, Chapter 3: "As it is the power of exchanging that gives occasion
+to the division of labour, so the extent of this division must always be
+limited by the extent of that power, or, in other words, by the extent
+of the market."
+
+## Feedback Role
+
+**Market Expansion loop (positive/reinforcing):**
+Market Extent → enables greater Division of Labour → raises Productive
+Powers of Labour → generates surplus → expands Trade → expands
+Market Extent.
+
+This edge (limited by) is the structural constraint that gives the loop
+its character: the level of specialisation that can be sustained depends
+on the size of the market that can absorb the specialised output.
+Smith's famous opening of Chapter III states this with unusual directness.
diff --git a/examples/infospace-with-history/output/relations/division_of_labour--increases--productive_powers_of_labour.md b/examples/infospace-with-history/output/relations/division_of_labour--increases--productive_powers_of_labour.md
new file mode 100644
index 00000000..97787ade
--- /dev/null
+++ b/examples/infospace-with-history/output/relations/division_of_labour--increases--productive_powers_of_labour.md
@@ -0,0 +1,40 @@
+# Division of Labour — increases — Productive Powers of Labour
+
+## Subject
+
+Division of Labour
+
+## Predicate
+
+increases
+
+## Object
+
+Productive Powers of Labour
+
+## Relation Type
+
+enables
+
+## VSM Channel
+
+S1 → S1 (operational specialisation raises operational output per unit)
+
+## Evidence
+
+Book I, Chapter 1: "The greatest improvement in the productive powers of
+labour, and the greater part of the skill, dexterity, and judgment with
+which it is anywhere directed, or applied, seem to have been the effects
+of the division of labour."
+
+## Feedback Role
+
+**Capital Accumulation loop (positive/reinforcing):**
+Accumulation of Stock → enables → Division of Labour → increases →
+Productive Powers of Labour → raises → Profits of Stock → funds →
+Accumulation of Stock.
+
+This edge (increases) is the productivity mechanism: specialisation
+improves dexterity, saves time between tasks, and facilitates the
+invention of machinery — three distinct channels that all raise output
+per worker.
diff --git a/examples/infospace-with-history/output/relations/invisible_hand_mechanism--coordinates--accumulation_of_stock.md b/examples/infospace-with-history/output/relations/invisible_hand_mechanism--coordinates--accumulation_of_stock.md
new file mode 100644
index 00000000..bc63c13b
--- /dev/null
+++ b/examples/infospace-with-history/output/relations/invisible_hand_mechanism--coordinates--accumulation_of_stock.md
@@ -0,0 +1,40 @@
+# Invisible Hand Mechanism — coordinates — Accumulation of Stock
+
+## Subject
+
+Invisible Hand Mechanism
+
+## Predicate
+
+coordinates (directs capital allocation without central direction)
+
+## Object
+
+Accumulation of Stock
+
+## Relation Type
+
+coordinates
+
+## VSM Channel
+
+S4 → S3 (distributed environmental intelligence shapes capital allocation decisions)
+
+## Evidence
+
+Book IV, Chapter 2: "He generally, indeed, neither intends to promote the
+public interest, nor knows how much he is promoting it... he intends only
+his own security; and by directing that industry in a manner whose produce
+may be of the greatest value, he intends only his own gain, and he is in
+this, as in many other cases, led by an invisible hand to promote an end
+which was no part of his intention."
+
+## Feedback Role
+
+The Invisible Hand Mechanism is the S4 intelligence function that makes
+the Market Price Balancing loop self-organising. Individual capitalists
+seeking private profit collectively direct accumulation to where returns
+are highest, which (through the market price balancing loop) also serves
+as a resource allocation mechanism. This relation explains why the system
+does not require a planner — the S4 function is distributed across all
+capital owners simultaneously.
diff --git a/examples/infospace-with-history/output/relations/market_extent--enables--division_of_labour.md b/examples/infospace-with-history/output/relations/market_extent--enables--division_of_labour.md
new file mode 100644
index 00000000..ff27bdae
--- /dev/null
+++ b/examples/infospace-with-history/output/relations/market_extent--enables--division_of_labour.md
@@ -0,0 +1,40 @@
+# Market Extent — enables — Division of Labour
+
+## Subject
+
+Market Extent
+
+## Predicate
+
+enables (by providing demand for specialised output)
+
+## Object
+
+Division of Labour
+
+## Relation Type
+
+enables
+
+## VSM Channel
+
+S2 → S1 (coordination reach of markets enables operational specialisation)
+
+## Evidence
+
+Book I, Chapter 3: "When the market is very small, no person can have
+any encouragement to dedicate himself entirely to one employment, for
+want of the power to exchange all that surplus part of the produce of his
+own labour, which is over and above his own consumption, for such parts
+of the produce of other men's labour as he has occasion for."
+
+## Feedback Role
+
+**Market Expansion loop (positive/reinforcing):**
+Market Extent → enables → Division of Labour → raises Productive Powers
+of Labour → generates surplus → expands Trade → expands Market Extent.
+
+Together with the constrains edge (Division of Labour ← Market Extent),
+this pair forms the mutual dependency at the heart of Book I: markets
+enable specialisation, and specialisation generates the surplus that
+expands markets.
diff --git a/examples/infospace-with-history/output/relations/market_price_of_commodities--attracts--accumulation_of_stock.md b/examples/infospace-with-history/output/relations/market_price_of_commodities--attracts--accumulation_of_stock.md
new file mode 100644
index 00000000..5ab80cf1
--- /dev/null
+++ b/examples/infospace-with-history/output/relations/market_price_of_commodities--attracts--accumulation_of_stock.md
@@ -0,0 +1,41 @@
+# Market Price of Commodities — attracts — Accumulation of Stock
+
+## Subject
+
+Market Price of Commodities
+
+## Predicate
+
+attracts (when above natural price)
+
+## Object
+
+Accumulation of Stock
+
+## Relation Type
+
+coordinates
+
+## VSM Channel
+
+S2 → S3 (price signal coordinates capital reallocation)
+
+## Evidence
+
+Book I, Chapter 7: "When the quantity brought to market falls short of the
+effectual demand, all those who are willing to pay the whole natural price
+cannot be supplied. Some of them will be willing to give more. A competition
+will immediately begin among them, and the market price will rise more or
+less above the natural price."
+
+## Feedback Role
+
+**Market Price Balancing loop (negative/balancing):**
+Market Price above Natural Price → attracts → Capital inflow (Accumulation
+directed to this market) → increases Supply → depresses → Market Price
+back toward Natural Price.
+
+This edge (attracts) is the signal-response link: a market price above
+natural price is a profit opportunity that draws capital from other uses.
+Smith's key insight is that this signal is self-cancelling — it eliminates
+the very excess that created it.
diff --git a/examples/infospace-with-history/output/relations/market_price_of_commodities--decomposes_into--profits_of_stock.md b/examples/infospace-with-history/output/relations/market_price_of_commodities--decomposes_into--profits_of_stock.md
new file mode 100644
index 00000000..ce5192a0
--- /dev/null
+++ b/examples/infospace-with-history/output/relations/market_price_of_commodities--decomposes_into--profits_of_stock.md
@@ -0,0 +1,37 @@
+# Market Price of Commodities — decomposes into — Profits of Stock
+
+## Subject
+
+Market Price of Commodities
+
+## Predicate
+
+decomposes into (profit as component)
+
+## Object
+
+Profits of Stock
+
+## Relation Type
+
+produces
+
+## VSM Channel
+
+S2 → S3 (price signal resolves into return on capital, which S3 manages)
+
+## Evidence
+
+Book I, Chapter 6: "In every society the price of every commodity
+finally resolves itself into some one or other, or all of those three
+parts; and in every improved society, all three enter more or less,
+as component parts, into the price of the far greater part of commodities."
+
+## Feedback Role
+
+Part of the **Three-Component Decomposition** (see also wages and rent
+relations). This edge links the market price coordination signal (S2)
+to the capital management outcome (S3), establishing profit as the
+mechanism by which market performance translates into the fund for
+future accumulation. It is the bridge between the Market Price Balancing
+loop and the Capital Accumulation loop.
diff --git a/examples/infospace-with-history/output/relations/market_price_of_commodities--decomposes_into--wages_of_labour.md b/examples/infospace-with-history/output/relations/market_price_of_commodities--decomposes_into--wages_of_labour.md
new file mode 100644
index 00000000..b39e55ce
--- /dev/null
+++ b/examples/infospace-with-history/output/relations/market_price_of_commodities--decomposes_into--wages_of_labour.md
@@ -0,0 +1,38 @@
+# Market Price of Commodities — decomposes into — Wages of Labour
+
+## Subject
+
+Market Price of Commodities
+
+## Predicate
+
+decomposes into (wages as component)
+
+## Object
+
+Wages of Labour
+
+## Relation Type
+
+produces
+
+## VSM Channel
+
+S2 → S2 (price as coordination signal resolves into its component coordination signals)
+
+## Evidence
+
+Book I, Chapter 6: "In every society the price of every commodity
+finally resolves itself into some one or other, or all of those three
+parts [wages, profit, rent]; and in every improved society, all three
+enter more or less, as component parts, into the price of the far greater
+part of commodities."
+
+## Feedback Role
+
+This is one of the three price-decomposition relations (alongside market
+price → profits of stock, and market price → rent of land). Together
+they form the **Three-Component Decomposition**: the price system
+connects the coordination layer (S2) back to the distributional outcomes
+for all three factor markets. The decomposition is the analytical
+foundation from which Books I and II derive their structure.
diff --git a/examples/infospace-with-history/output/relations/natural_price_as_central_price--centres--market_price_of_commodities.md b/examples/infospace-with-history/output/relations/natural_price_as_central_price--centres--market_price_of_commodities.md
new file mode 100644
index 00000000..193db01c
--- /dev/null
+++ b/examples/infospace-with-history/output/relations/natural_price_as_central_price--centres--market_price_of_commodities.md
@@ -0,0 +1,35 @@
+# Natural Price as Central Price — centres — Market Price of Commodities
+
+## Subject
+
+Natural Price as Central Price
+
+## Predicate
+
+centres
+
+## Object
+
+Market Price of Commodities
+
+## Relation Type
+
+coordinates
+
+## VSM Channel
+
+S2 (natural price is the attractor in the S2 coordination field)
+
+## Evidence
+
+Book I, Chapter 7: "The natural price, therefore, is, as it were, the
+central price, to which the prices of all commodities are continually
+gravitating. Different accidents may sometimes keep them suspended a good
+deal above it, and sometimes force them down even somewhat below it."
+
+## Feedback Role
+
+This relation is the attractor definition for the Market Price Balancing
+loop — natural price is the equilibrium that both loops (attraction of
+capital when above, flight of capital when below) converge on. It is the
+S2 coordination reference point around which oscillation is suppressed.
diff --git a/examples/infospace-with-history/output/relations/productive_powers_of_labour--raises--profits_of_stock.md b/examples/infospace-with-history/output/relations/productive_powers_of_labour--raises--profits_of_stock.md
new file mode 100644
index 00000000..6fde4e61
--- /dev/null
+++ b/examples/infospace-with-history/output/relations/productive_powers_of_labour--raises--profits_of_stock.md
@@ -0,0 +1,39 @@
+# Productive Powers of Labour — raises — Profits of Stock
+
+## Subject
+
+Productive Powers of Labour
+
+## Predicate
+
+raises
+
+## Object
+
+Profits of Stock
+
+## Relation Type
+
+produces
+
+## VSM Channel
+
+S1 → S3 (operational productivity surplus allocated as profit at capital management level)
+
+## Evidence
+
+Book I, Chapter 6: "The value which the workmen add to the materials
+resolves itself into two parts, of which the one pays their wages, the
+other the profits of their employer upon the whole stock of materials
+and wages which he advanced."
+
+## Feedback Role
+
+**Capital Accumulation loop (positive/reinforcing):**
+Accumulation of Stock → enables → Division of Labour → increases →
+Productive Powers of Labour → raises → Profits of Stock → funds →
+Accumulation of Stock.
+
+This edge (raises) is the surplus-extraction link: the productivity gain
+produced by specialisation shows up as profit over and above wage costs,
+generating the fund from which further accumulation occurs.
diff --git a/examples/infospace-with-history/output/relations/profits_of_stock--funds--accumulation_of_stock.md b/examples/infospace-with-history/output/relations/profits_of_stock--funds--accumulation_of_stock.md
new file mode 100644
index 00000000..4556a5b0
--- /dev/null
+++ b/examples/infospace-with-history/output/relations/profits_of_stock--funds--accumulation_of_stock.md
@@ -0,0 +1,40 @@
+# Profits of Stock — funds — Accumulation of Stock
+
+## Subject
+
+Profits of Stock
+
+## Predicate
+
+funds
+
+## Object
+
+Accumulation of Stock
+
+## Relation Type
+
+produces
+
+## VSM Channel
+
+S3 → S3 (profit retained by capital managers re-enters the stock managed at S3)
+
+## Evidence
+
+Book II, Chapter 3: "Whatever a person saves from his revenue he adds to
+his capital, and either employs it himself in maintaining an additional
+number of productive hands, or enables some other person to do so, by
+lending it to him for an interest."
+
+## Feedback Role
+
+**Capital Accumulation loop (positive/reinforcing):**
+Accumulation of Stock → enables → Division of Labour → increases →
+Productive Powers of Labour → raises → Profits of Stock → funds →
+Accumulation of Stock.
+
+This edge (funds) closes the loop: profit not consumed becomes saving,
+and saving becomes the new stock that enables the next round of division
+of labour. This is why Smith regards frugality as a public virtue — it
+fuels productive capacity rather than dissipating it.
diff --git a/examples/infospace-with-history/output/relations/rent_of_land--regulated_by--market_price_of_commodities.md b/examples/infospace-with-history/output/relations/rent_of_land--regulated_by--market_price_of_commodities.md
new file mode 100644
index 00000000..1e1d38a6
--- /dev/null
+++ b/examples/infospace-with-history/output/relations/rent_of_land--regulated_by--market_price_of_commodities.md
@@ -0,0 +1,37 @@
+# Rent of Land — regulated by — Market Price of Commodities
+
+## Subject
+
+Rent of Land
+
+## Predicate
+
+regulated by (rent is a residual after wages and profit are paid)
+
+## Object
+
+Market Price of Commodities
+
+## Relation Type
+
+is regulated by
+
+## VSM Channel
+
+S2 → S3 (price signal determines what residual rent the land can command)
+
+## Evidence
+
+Book I, Chapter 11: "Rent, it is to be observed, therefore, enters into
+the composition of the price of commodities in a different manner from
+wages and profit. High or low wages and profit are the causes of high or
+low price; high or low rent is the effect of it."
+
+## Feedback Role
+
+This relation establishes rent as a **residual** in the price decomposition
+rather than a cost that determines price. It places Rent of Land in a
+structurally subordinate position to the Market Price mechanism — rent
+takes what is left after labour and capital have been paid, rather than
+competing with them as a co-equal cost component. This is Smith's
+sharpest break from the physiocrats.
diff --git a/examples/infospace-with-history/output/relations/wages_of_labour--regulated_by--accumulation_of_stock.md b/examples/infospace-with-history/output/relations/wages_of_labour--regulated_by--accumulation_of_stock.md
new file mode 100644
index 00000000..4e354b97
--- /dev/null
+++ b/examples/infospace-with-history/output/relations/wages_of_labour--regulated_by--accumulation_of_stock.md
@@ -0,0 +1,39 @@
+# Wages of Labour — regulated by — Accumulation of Stock
+
+## Subject
+
+Wages of Labour
+
+## Predicate
+
+regulated by (set by the demand for labour, which tracks capital growth)
+
+## Object
+
+Accumulation of Stock
+
+## Relation Type
+
+is regulated by
+
+## VSM Channel
+
+S3 → S2 (capital stock sets demand for labour, which sets the wage coordination signal)
+
+## Evidence
+
+Book I, Chapter 8: "The demand for those who live by wages, therefore,
+necessarily increases with the increase of the revenue and stock of every
+country, and cannot possibly increase without it. The increase of revenue
+and stock is the increase of national wealth."
+
+## Feedback Role
+
+**Wages Expansion loop (positive/reinforcing):**
+Accumulation of Stock → raises demand for labour → raises Wages of Labour
+→ raises consumer capacity → stimulates Productive Powers of Labour →
+generates surplus → funds Accumulation of Stock.
+
+This edge (regulated by) establishes the first link: the wage rate
+responds to the growth of capital stock, not to the current stock level
+directly. Rapid accumulation raises wages; stationary stock does not.
diff --git a/examples/infospace-with-history/output/relations/wages_of_labour--regulated_by--profits_of_stock.md b/examples/infospace-with-history/output/relations/wages_of_labour--regulated_by--profits_of_stock.md
new file mode 100644
index 00000000..174fe925
--- /dev/null
+++ b/examples/infospace-with-history/output/relations/wages_of_labour--regulated_by--profits_of_stock.md
@@ -0,0 +1,39 @@
+# Wages of Labour — regulated by — Profits of Stock
+
+## Subject
+
+Wages of Labour
+
+## Predicate
+
+regulated by (bounded above by)
+
+## Object
+
+Profits of Stock
+
+## Relation Type
+
+is regulated by
+
+## VSM Channel
+
+S3 → S2 (capital management sets the upper bound on the coordination signal)
+
+## Evidence
+
+Book I, Chapter 8: "In order to bring up a family, the labour of the
+husband and wife together must, even in the lowest species of common
+labour, be able to earn something more than what is precisely necessary
+for their own maintenance; but in what is commonly called common labour
+it is rare that a single labourer earns much more... The interests of
+the two parties are by no means the same. The workmen desire to get as
+much, the masters to give as little as possible."
+
+## Feedback Role
+
+This relation establishes the distributional constraint that bounds
+the Wages loop. Profits of Stock and Wages of Labour are in permanent
+tension: every increase in one (holding productivity constant) reduces
+the other. This is Smith's clearest statement of class interest as a
+structural feature of market economies.
diff --git a/examples/infospace-with-history/schemas/relation-schema-v1.0.md b/examples/infospace-with-history/schemas/relation-schema-v1.0.md
new file mode 100644
index 00000000..68c8998a
--- /dev/null
+++ b/examples/infospace-with-history/schemas/relation-schema-v1.0.md
@@ -0,0 +1,139 @@
+# Relation Triplet Schema — v1.0
+
+Each file in `output/relations/` captures a single directed relation between
+two entities from the L1 entity collection. Relations are the edges of the
+L3 relation graph.
+
+---
+
+## Required Sections
+
+### H1 — Relation title
+
+Format: `# Subject — predicate phrase — Object`
+
+Example: `# Division of Labour — limited by — Market Extent`
+
+---
+
+### Subject
+
+The entity that is the **source** of the relation — the thing doing the
+enabling, constraining, producing, etc.
+
+Use the entity's exact title as it appears in its L1 entity file (H1 heading).
+
+---
+
+### Predicate
+
+A short phrase from the **controlled relation vocabulary** (see below), or
+a natural language variant that maps to one of those classes.
+
+Examples: `limited by`, `enables`, `is regulated by`, `produces`
+
+---
+
+### Object
+
+The entity that is the **target** of the relation — the thing being enabled,
+constrained, regulated, etc.
+
+Use the entity's exact title as it appears in its L1 entity file.
+
+---
+
+### Relation Type
+
+The **semantic class** of the predicate, drawn from the controlled vocabulary:
+
+| Relation Type | Meaning | Default VSM Channel |
+|---|---|---|
+| `enables` | Subject makes object possible or more effective | S1 → S1 |
+| `constrains` | Subject limits or bounds the object | S1 ← S1 |
+| `regulates` | Subject actively governs the object | S3 → S1 |
+| `is regulated by` | Object governs the subject | S1 ← S3 |
+| `coordinates` | Subject reduces oscillation or misalignment | S2 |
+| `produces` | Subject generates the object as output | S1 |
+| `consumes` | Subject depletes the object | S1 |
+| `monitors` | Subject observes and reports on object | S3* |
+| `audits` | Subject verifies compliance of object | S3* |
+| `adapts to` | Subject adjusts in response to object | S4 |
+| `anticipates` | Subject predicts or models the object | S4 |
+| `defines` | Subject sets the identity or rules of object | S5 → any |
+| `is defined by` | Object sets the identity or rules of subject | any ← S5 |
+| `contradicts` | Subject is in direct logical conflict with object | any |
+| `tensions with` | Subject and object exist in productive tension | any |
+
+---
+
+### VSM Channel
+
+The Viable System Model systems involved in this relation, with direction.
+
+Format: `S<n> → S<m>` or `S<n>` if the relation is within a single system.
+
+Examples:
+- `S1 → S2` — operation drives a coordination signal
+- `S3 → S1` — management regulates operations
+- `S2` — pure coordination within S2
+- `S4 → S5` — intelligence informing policy
+
+Use `S3*` for audit loops (Beer's algedonic channel).
+
+---
+
+### Evidence
+
+Direct textual evidence from Adam Smith's text. Preferred format:
+
+```
+Book I, Chapter 3: "The division of labour is limited by the extent of the market."
+```
+
+Use short quotes when available. Chapter reference alone is acceptable when
+no single sentence captures the relation.
+
+---
+
+### Feedback Role (optional)
+
+If this relation is part of a named feedback loop, describe its role here.
+Name the loop and state what the relation contributes.
+
+Example:
+```
+Part of the Market Expansion loop: larger market → more specialisation
+→ higher productivity → greater surplus → expanded trade → larger market.
+This edge (limited by) is the constraining link that turns the loop balancing
+when market extent cannot grow further.
+```
+
+Omit or leave empty if the relation is not part of a known feedback loop.
+
+---
+
+## File Naming
+
+Use the pattern: `<subject-slug>--<relation-type>--<object-slug>.md`
+
+Where slugs are derived from entity titles using the same slugification as
+entity files (lowercase, spaces and punctuation replaced with underscores).
+
+Example: `division_of_labour--constrains--market_extent.md`
+
+If two entities have the same relation type between them (unusual), append
+a numeric suffix: `...-2.md`.
+
+---
+
+## Completeness Criteria
+
+A relation file is **complete** if:
+- All four required sections are present and non-empty
+- The Relation Type is from the controlled vocabulary
+- The VSM Channel is a valid VSM system designation
+- Evidence references a specific Book and Chapter
+
+A relation file is **acceptable** if:
+- Required sections present but Evidence is missing (mark as `(unverified)`)
diff --git a/markitect/infospace/cli.py b/markitect/infospace/cli.py
index 6b3f25a0..9796209a 100644
--- a/markitect/infospace/cli.py
+++ b/markitect/infospace/cli.py
@@ -299,6 +299,126 @@ def eval_summary(config_path: Optional[str], update_metrics: bool):
         click.echo(f"\nUpdated metrics.yaml: per_entity_mean = {mean_overall:.4f}")
 
 
+# ── relations ─────────────────────────────────────────────────────────
+
+
+@infospace_commands.command()
+@click.option("--config", "config_path", default=None, help="Path to infospace.yaml.")
+@click.option("--entity", "entity_slug", default=None,
+              help="Show only relations involving this entity slug.")
+@click.option("--vsm", "vsm_filter", default=None,
+              help="Show only relations whose VSM channel contains this string (e.g. S2, S3).")
+@click.option("--loops", "loops_only", is_flag=True, default=False,
+              help="Show only feedback loops (cycles in the relation graph).")
+@click.option("--stats", "stats_only", is_flag=True, default=False,
+              help="Show aggregate statistics only, no individual relations.")
+def relations(config_path: Optional[str], entity_slug: Optional[str],
+              vsm_filter: Optional[str], loops_only: bool, stats_only: bool):
+    """Show the L3 relation graph — triplets, feedback loops, and VSM channels."""
+    cfg, cfg_path = _load_config_or_exit(config_path)
+    root = cfg_path.parent
+
+    from markitect.infospace.relation_parser import parse_relations_directory
+
+    relations_dir = root / cfg.relations_dir
+    if not relations_dir.is_dir():
+        click.echo("No relations directory found. Create output/relations/ and add relation files.")
+        return
+
+    all_relations = parse_relations_directory(relations_dir)
+    if not all_relations:
+        click.echo("No relation files found in " + str(relations_dir))
+        return
+
+    # Build directed graph for cycle detection
+    try:
+        import networkx as nx
+        G = nx.DiGraph()
+        for r in all_relations:
+            G.add_edge(r.subject_slug, r.object_slug,
+                       predicate=r.predicate,
+                       relation_type=r.relation_type,
+                       vsm_channel=r.vsm_channel,
+                       slug=r.slug)
+    except ImportError:
+        G = None
+
+    # Find feedback loops
+    loops = []
+    if G is not None:
+        try:
+            loops = list(nx.simple_cycles(G))
+        except Exception:
+            loops = []
+
+    # Stats summary
+    import re as _re
+
+    def _vsm_code(channel: str) -> str:
+        """Strip parenthetical description, returning just the system code (e.g. 'S3 → S1')."""
+        return _re.sub(r'\s*\(.*', '', channel).strip() or channel
+
+    n = len(all_relations)
+    vsm_counts: dict = {}
+    type_counts: dict = {}
+    for r in all_relations:
+        vsm_counts[_vsm_code(r.vsm_channel)] = vsm_counts.get(_vsm_code(r.vsm_channel), 0) + 1
+        type_counts[r.relation_type] = type_counts.get(r.relation_type, 0) + 1
+
+    click.echo(f"Relation graph — {n} relations")
+    if G is not None:
+        click.echo(f"  Entities in graph: {G.number_of_nodes()}")
+        click.echo(f"  Feedback loops: {len(loops)}")
+    click.echo()
+
+    if stats_only:
+        click.echo("Relation types:")
+        for rt, count in sorted(type_counts.items(), key=lambda x: -x[1]):
+            click.echo(f"  {rt:<25} {count:>4}")
+        click.echo()
+        click.echo("VSM channels:")
+        for ch, count in sorted(vsm_counts.items(), key=lambda x: -x[1]):
+            click.echo(f"  {ch:<20} {count:>4}")
+        return
+
+    # Feedback loops section
+    if loops or loops_only:
+        if loops:
+            click.echo(f"Feedback loops ({len(loops)}):")
+            for i, cycle in enumerate(loops, 1):
+                click.echo(f"  Loop {i}: {' → '.join(cycle)} → {cycle[0]}")
+            click.echo()
+        elif loops_only:
+            click.echo("No feedback loops detected in current relation set.")
+            return
+
+    if loops_only:
+        return
+
+    # Filter relations
+    filtered = all_relations
+    if entity_slug:
+        filtered = [r for r in filtered
+                    if entity_slug in (r.subject_slug, r.object_slug)]
+        if not filtered:
+            click.echo(f"No relations found involving '{entity_slug}'.")
+            return
+    if vsm_filter:
+        filtered = [r for r in filtered if vsm_filter in r.vsm_channel]
+        if not filtered:
+            click.echo(f"No relations with VSM channel containing '{vsm_filter}'.")
+            return
+
+    # Display relations
+    click.echo(f"{'Subject':<35} {'Predicate':<30} {'Object':<35} {'VSM'}")
+    click.echo("-" * 110)
+    for r in filtered:
+        subj = r.subject[:33] + ".." if len(r.subject) > 35 else r.subject
+        obj = r.object[:33] + ".." if len(r.object) > 35 else r.object
+        pred = r.predicate[:28] + ".." if len(r.predicate) > 30 else r.predicate
+        click.echo(f"{subj:<35} {pred:<30} {obj:<35} {r.vsm_channel}")
+
+
 # ── viability ────────────────────────────────────────────────────────
 
 
diff --git a/markitect/infospace/config.py b/markitect/infospace/config.py
index 86245c15..167b1e07 100644
--- a/markitect/infospace/config.py
+++ b/markitect/infospace/config.py
@@ -254,6 +254,7 @@ class InfospaceConfig:
     entities_dir: str = "output/entities"
     evaluations_dir: str = "output/evaluations"
     metrics_dir: str = "output/metrics"
+    relations_dir: str = "output/relations"
 
     def to_dict(self) -> Dict[str, Any]:
         d: Dict[str, Any] = {"topic": self.topic.to_dict()}
@@ -276,6 +277,8 @@ class InfospaceConfig:
             d["evaluations_dir"] = self.evaluations_dir
         if self.metrics_dir != "output/metrics":
             d["metrics_dir"] = self.metrics_dir
+        if self.relations_dir != "output/relations":
+            d["relations_dir"] = self.relations_dir
         return d
 
     @classmethod
@@ -301,6 +304,7 @@ class InfospaceConfig:
             entities_dir=data.get("entities_dir", "output/entities"),
             evaluations_dir=data.get("evaluations_dir", "output/evaluations"),
             metrics_dir=data.get("metrics_dir", "output/metrics"),
+            relations_dir=data.get("relations_dir", "output/relations"),
         )
 
 
diff --git a/markitect/infospace/relation_models.py b/markitect/infospace/relation_models.py
new file mode 100644
index 00000000..8964fa83
--- /dev/null
+++ b/markitect/infospace/relation_models.py
@@ -0,0 +1,72 @@
+"""
+Data models for L3 relation triplets.
+
+A relation triplet is the fundamental unit of the relation graph:
+  Subject --[Predicate]--> Object
+
+Each triplet is stored as a markdown file in ``output/relations/``.
+"""
+
+from dataclasses import dataclass, field
+from typing import List, Optional
+
+
+# Controlled relation vocabulary — maps semantic class to VSM channel
+RELATION_TYPES = {
+    "enables": "S1 → S1",
+    "constrains": "S1 ← S1",
+    "regulates": "S3 → S1",
+    "is regulated by": "S1 ← S3",
+    "coordinates": "S2",
+    "produces": "S1",
+    "consumes": "S1",
+    "monitors": "S3*",
+    "audits": "S3*",
+    "adapts to": "S4",
+    "anticipates": "S4",
+    "defines": "S5 → any",
+    "is defined by": "any ← S5",
+    "contradicts": "any",
+    "tensions with": "any",
+}
+
+
+@dataclass
+class RelationMeta:
+    """Structured metadata for a single relation triplet.
+
+    Attributes:
+        slug:          Unique identifier, e.g.
+                       ``division_of_labour--constrains--market_extent``
+        subject:       Human-readable title of the subject entity
+        subject_slug:  Slug of the subject entity (links to L1)
+        predicate:     Human-readable predicate phrase, e.g. "limited by"
+        object:        Human-readable title of the object entity
+        object_slug:   Slug of the object entity (links to L1)
+        relation_type: Semantic class from the controlled vocabulary
+        vsm_channel:   VSM systems involved, e.g. "S1 → S2"
+        evidence:      Source text quote or chapter reference
+        feedback_role: Description of role in a feedback loop (if any)
+        source_path:   Absolute path to the ``.md`` file
+    """
+
+    slug: str
+    subject: str
+    subject_slug: str
+    predicate: str
+    object: str
+    object_slug: str
+    relation_type: str
+    vsm_channel: str
+    evidence: str = ""
+    feedback_role: str = ""
+    source_path: str = ""
+
+    @property
+    def is_feedback_member(self) -> bool:
+        """True if this relation participates in a named feedback loop."""
+        return bool(self.feedback_role.strip())
+
+    def edge(self) -> tuple:
+        """Return a (subject_slug, object_slug, predicate) edge tuple."""
+        return (self.subject_slug, self.object_slug, self.predicate)
diff --git a/markitect/infospace/relation_parser.py b/markitect/infospace/relation_parser.py
new file mode 100644
index 00000000..c0c6103b
--- /dev/null
+++ b/markitect/infospace/relation_parser.py
@@ -0,0 +1,137 @@
+"""
+Relation triplet parser.
+
+Reads structured :class:`RelationMeta` objects from relation markdown
+files in ``output/relations/``.
+
+File format::
+
+    # Subject — predicate — Object
+
+    ## Subject
+    Subject Entity Title
+
+    ## Predicate
+    predicate phrase
+
+    ## Object
+    Object Entity Title
+
+    ## Relation Type
+    constrains
+
+    ## VSM Channel
+    S1 → S2
+
+    ## Evidence
+    Book I, Chapter 3: "..."
+
+    ## Feedback Role
+    Part of the Market Expansion loop: ...
+"""
+
+from __future__ import annotations
+
+import logging
+import re
+from pathlib import Path
+from typing import List, Optional, Sequence
+
+from markitect.core.parser import parse_markdown_to_ast
+from markitect.core.section_tree import (
+    build_section_tree,
+    extract_section_text,
+    slugify,
+)
+from .relation_models import RelationMeta
+
+logger = logging.getLogger(__name__)
+
+
+def _find_h2(tree_root: dict, slug: str) -> Optional[dict]:
+    for child in tree_root.get("children", []):
+        if child["level"] == 2 and child["slug"] == slug:
+            return child
+    return None
+
+
+def _section_text(root: dict, slug: str) -> str:
+    node = _find_h2(root, slug)
+    return extract_section_text(node).strip() if node else ""
+
+
+def _slug_from_title(title: str) -> str:
+    """Convert entity title to slug (same as slugify used in entity_parser)."""
+    return slugify(title)
+
+
+def parse_relation_file(path: Path) -> RelationMeta:
+    """Parse a single relation markdown file into :class:`RelationMeta`.
+
+    Raises:
+        ValueError: If required sections are missing.
+    """
+    content = path.read_text(encoding="utf-8")
+    tokens = parse_markdown_to_ast(content)
+    tree = build_section_tree(tokens)
+
+    # Find H1
+    h1 = next(
+        (c for c in tree["children"] if c["level"] == 1),
+        None,
+    )
+    if h1 is None:
+        raise ValueError(f"No H1 heading in {path}")
+
+    root = h1
+
+    subject = _section_text(root, "subject")
+    predicate = _section_text(root, "predicate")
+    obj = _section_text(root, "object")
+    relation_type = _section_text(root, "relation_type")
+    vsm_channel = _section_text(root, "vsm_channel")
+    evidence = _section_text(root, "evidence")
+    feedback_role = _section_text(root, "feedback_role")
+
+    if not subject:
+        raise ValueError(f"Missing ## Subject in {path}")
+    if not predicate:
+        raise ValueError(f"Missing ## Predicate in {path}")
+    if not obj:
+        raise ValueError(f"Missing ## Object in {path}")
+
+    subject_slug = _slug_from_title(subject)
+    object_slug = _slug_from_title(obj)
+
+    # Derive canonical slug from file stem
+    slug = path.stem
+
+    return RelationMeta(
+        slug=slug,
+        subject=subject,
+        subject_slug=subject_slug,
+        predicate=predicate,
+        object=obj,
+        object_slug=object_slug,
+        relation_type=relation_type,
+        vsm_channel=vsm_channel,
+        evidence=evidence,
+        feedback_role=feedback_role,
+        source_path=str(path),
+    )
+
+
+def parse_relations_directory(
+    directory: Path,
+) -> List[RelationMeta]:
+    """Parse all relation files in *directory*.
+
+    Malformed files are skipped with a warning.
+    """
+    relations: List[RelationMeta] = []
+    for md_file in sorted(directory.glob("*.md")):
+        try:
+            relations.append(parse_relation_file(md_file))
+        except Exception as exc:
+            logger.warning("Skipping relation file %s: %s", md_file.name, exc)
+    return relations