Concrete Stories in Southern Europe: Financialisation and Inequality in the Construction Chain

This article seeks to tackle less researched areas of financialisation, namely class relations within the sphere of production. We ethnographically explore the trajectories of two small construction family-firms in Greece and Spain, traditionally perceived as the backbone of the Mediterranean economy but also lying at the very heart of the last financial bubble. Looking at the boom and bust of such ventures, we argue that the penetration of credit in this particular production structure, built through subcontracting chains, has reproduced and intensified deep inequalities: privileged position regarding financing enabled profit to be channelled upwards whereas risk and exploitation was transferred downwards. At the same time, rent-making or rent-extraction practices have become pervasive not only in the circulation and consumption spheres but also inside production.