The financialization of “the urban” in the post-socialist Serbia: Evidence from the Belgrade Waterfront megaproject

Abstract

As a leading mechanism of the global neoliberal paradigm, financialization plays a significant role in the growth of economies and changes in urban development patterns. Though particularly significant for post-socialist European countries, research on urban financialization considering both economic (rental income, property sales, interest rates) and noneconomic aspects (social dynamics, social and legal norms, financialized discourses) is yet to emerge in Serbia. Observing the period after the 2008 global economic and financial crisis, and based on multiple analyses (statistical, documentary and discourse), this paper first provides an overview of different global and national financial indicators, then elucidates the impact of market financing on the built environment at the national level, and, finally, illustrates the financialization of urban planning policies and discourses exemplified in the Belgrade Waterfront urban megaproject. The empirical analysis provides not only an insight into a strong structural and dynamic conditionality between various dimensions of financialization, but also highlights the nuances in decision-making, planning and governance influenced by the financialized discourses.