Journal article

Financialization without liquidity: in-kind payments, forced credit, and authoritarianism at the periphery of Europe

undefined Mattioli Fabio

Journal of the Royal Anthropological Institute | Wiley | Published : 2018

Abstract

Abstract After 2008, the spectacular collapse of financial markets in the United States, Spain, Iceland, Portugal, and Greece has induced researchers to conceptualize financialization as a rapid and unsustainable increase in liquidity. In Macedonia, a small country at the periphery of the European Union, however, the spread of financial instruments and debt coincided with an increased use of in-kind payments instead of money. Focusing on a type of non-monetary exchanges that Macedonians call kompenzacija, the article shows how in-kind payments are integrated to financial flows, and are crucial to the emergence of an authoritarian regime. In the Macedonian context, kompenzacija is part of an ..

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