The paper analyses findings of two surveys of value orientations spread among political and economic elites in Serbia, carried out in 1989 and 2003/04. The analysis is focused on two pairs of mutually conflicting orientations: political liberalism vs. authoritarian collectivism, and market liberalism vs. redistributive statism. The spread of these orientations in the two periods is analyzed in the first part of the paper, and it is concluded that liberal values were more present among members of political and economic elites in 2004 than it was the case in 1989. However, the change is not unequivocal and in some cases is smaller than expected. In the second part of the paper, the spread of value orientations among the elites in 2004 is analyzed more thoroughly, using larger sets of data. The findings show that political and economic elites in Serbia have not adopted liberal values as clearly dominant framework of orientation, even after pluralist democracy and market economy based on private ownership have been largely implemented and have been made legitimate principles of social regulation. Values of both groups are widely inconsistent and composed of mixture of liberal and collectivistic patterns. The value inconsistency may be found in the sphere of political and of economic
subsystems, and it is equally characteristic of political and of economic elite, in both subsystems.