["The British Journal of Sociology, Volume 72, Issue 4, Page 946-973, September 2021. ", "\nAbstract\nIn this article, we propose a model to analyze the class structure of hybrid post‐socialist societies in South‐East Europe (SEE), using the case of Serbia. We argue that, in such hybrid societies, social inequalities are generated by several mechanisms of similar strength: exploitative market mechanisms (based on economic capital) and different types of social closure mechanisms (based on political and social capital). Their influences are intertwined and cannot be analytically isolated or reduced to a common foundation. Therefore, occupational class analysis in these societies can have only limited explanatory power. In an attempt to overcome these challenges, we were forced to modify the instruments of several established approaches to class analysis. These modifications included (1) a reconceptualization of Bourdieusian notions of political, social, and cultural capital, (2) a different operationalization of social space, (3) identification of specific mechanisms of generating social inequalities, (4) paying attention to both practical and discursive classifications of lifestyles in the establishment of symbolic boundaries, and (5) relying on differential association analysis for identifying class boundaries. Our analysis's final result is a model that enables studying general social inequality, that is, generalized social advantage/disadvantage, in SEE post‐socialist societies.\n"]