Abstract
This ethnographic case study, building on long term participant observation in Serbia,tackles the relationship of the state and the regional economy during the transformationsfrom self-managed socialism to late capitalism. Embedding the work relations of small-scaledairy farmers from central Serbia in wider moral economic relations, it develops the notionof ‘moral appreciation’ to explain how many households who disinvested from dairyproduction supported – through labour exchanges, by renting land cheaply, and by praisingthe frugality of those few others – who invested. Moral appreciation means living from andsalvaging value from the devalued substance of work past and present, an adaptive processto capitalist substance-loss, potentially paralleled in many other spheres of the capitalistworld economy. Key words: agriculture, capitalism, moral economy, Serbia, the state.
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