Denotationally, and in RW terms, what you're saying is broadly correct, in that they all functionally mean 'farmer'. But the words carl and cottar were being used in their Gloranthan terms, which are considerably more particularised, and the word 'peasant' certainly carries very different connotations. In particular the term 'Orlanthi peasant' does more to obscure than it does to reveal, whereas 'carl' is a masterpiece of both concision and precision, if that's the group you're speaking of.
Admittedly the above nit-picking says very little about how well fed they are, but call an Orlanthi a 'peasant' (or some Gloranthocentric term one might apply to a Lodrilite, or a Western farmer) and if you only get a broken nose, you'll have found him in a remarkably good frame of mind that morning.
Cheers,
Alex.
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