Cover of Dark Finance by Fabio Mattioli
Dark Finance
Illiquidity and Authoritarianism at the Margins of Europe
Fabio Mattioli


248 pages.
from $28.00

Hardcover ISBN: 9781503611658
Paperback ISBN: 9781503612938
Ebook ISBN: 9781503612945

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Winner of the 2021 Ed A. Hewett Book Prize, sponsored by the Association for Slavic, East European, and Eurasian Studies (ASEEES) and the National Council for Eurasian and East European Research.

Finalist of the 2023 SEA Book Prize, sponsored by the American Anthropological Association (AAA) - Society for Economic Anthropology.

Honorable Mention in the 2021 William A. Douglass Prize in Europeanist Anthropology, sponsored by the Society for the Anthropology of Europe (a unit of the American Anthropological Association).

Dark Finance offers one of the first ethnographic accounts of financial expansion and its political impacts in Eastern Europe. Following workers, managers, and investors in the Macedonian construction sector, Fabio Mattioli shows how financialization can empower authoritarian regimes—not by making money accessible to everyone, but by allowing a small group of oligarchs to monopolize access to international credit and promote a cascade of exploitative domestic debt relations.

The landscape of failed deals and unrealizable dreams that is captured in this book portrays finance not as a singular, technical process. Instead, Mattioli argues that finance is a set of political and economic relations that entangles citizens, Eurocrats, and workers in tense paradoxes. Mattioli traces the origins of illiquidity in the reorganization of the European project and the postsocialist perversion of socialist financial practices—a dangerous mix that hid the Macedonian regime's weakness behind a façade of urban renewal and, for a decade, made it seem omnipresent and invincible. Dark Finance chronicles how, one bad deal at a time, Macedonia's authoritarian regime rode a wave of financial expansion that deepened its reach into Macedonian society, only to discover that its domination, like all speculative bubbles, was teetering on the verge of collapse.

About the author

Fabio Mattioli is a Lecturer of Social Anthropology at the University of Melbourne.

"As financialization and populism reshape the world, Fabio Mattioli's rich and timely analysis traces the intersection of finance-fueled construction and authoritarian rule in Macedonia. It critically highlights the illiberal politics that drive financialization and urban development, while carefully attending to the everyday lives of construction workers who are building Skopje's new skyline."

—Sohini Kar, London School of Economics and Political Science

"Dark Finance offers fresh insight on contemporary populism in Europe and fine-grained descriptions of how illiquidity functions. This is the most compelling, persuasive, and chilling analysis of North Macedonia's place in the global economy, and the cynical exploitation of a people by their elected government, that I have read in the past decade."

—Keith Brown, Arizona State University

"Dark Finance takes the anthropology of financialization to the next level. From gender relations and exploitation to the volatile politics of popular desires and authoritarianism in North Macedonia in the years after the global financial crisis, Fabio Mattioli's holistic and relational take on the contradictions of global finance in the postsocialist periphery is pathbreaking."

—Don Kalb, University of Bergen and Utrecht University

"Mattioli excels in this respect: documenting the operations and implications of finance and financialization beyond its own narrow social domain—the one of financial markets, institutions, expert knowledge, and so on—and within the life-worlds, relations, and practices of a variety of social actors. This allows him to analyze aspects likely to be missed by other perspectives."

—Marek Mikuš, Journal of Cultural Economy

"Fabio Mattioli has written a vibrant book, mapping the networks sustaining Nikola Gruevski's power and the lived experience of "authoritarian financialization," and offering novel insights into Macedonia's and Europe's political economy. The book combines ethnographic and an almost-poetic sensitivity, rich in its description of economic, urban, and social landscapes. In addition to being a skillfully executed ethnography, Dark Finance: Illiquidity and Authoritarianism at the Margins of Europe is a fascinating case study, a crime story, a political drama, and a political thriller. Highly recommended not only for those seeking to understand Gruevski's regime but anyone interested in illiberal finance."

—Gábor Scheiring, Review of Democracy

"Original, timely, and gorgeously written, Dark Finance makes key theoretical contributions to several fields of inquiry, including economic anthropology, political economy, anthropology of the state, social studies of time and gender, and Europeanization as a cultural and financial process. It represents anthropology at its best and should be read and taught widely."

—Emanuela Grama, American Anthropologist

"Through its analysis, the book unravels the social, political, and gendered relations that mediated financialization and that produced a centralized power apparatus. Mattioli develops an original take on both financialization and what he calls authoritarianism. . .In contrast to these understandings, Mattioli illuminates how capital "flows" and state capture depend on, constitute, and are exercised through social relations.In its acuity and originality,Dark Financeis thus an important example of how research in "the margins of Europe" contributes to our understanding of global political economic processes."

—Jane Cowan, on behalf of the 2021 William A. Douglass Prize Jury

"Dark Finance creatively reimagines the concept of financialization to provide fresh insights into politics and society in Macedonia, with implications for our understanding of the postcommunist region more broadly. Beginning from an eth visible Skopje 2014 construction projects sponsored by the Gruevski government, Mattioli demonstrates the centrality of illiquidity—the prevalence and significance of non-cash transactions—to both the nature of authoritarian politics and the shape of everyday life, with especially compelling attention to gendered politics and identities. Far from a bounded case study, the book's ethnography and analysis extend outward into the European Union and global economy to argue that Macedonia presents an illustrative instance of 'peripheral financialization.' Mattioli's novel conceptual framing, multi-scale range of vision, sensitivity to long-term histories, and captivating writing style combine to showcase an innovative way of studying political economy."

—Ed A. Hewett Book Prize committee

"With Dark Finance, Mattioli manages successfully to articulate the global, the local and the intimate in peripheral European contexts... Overall, Dark Finance is a riveting study aided by comprehensive ethnographic observations."

—Tringa Bytyqi, Anthropology Book Forum