The Lebanese collapse: some hypotheses

Abstract

Several interpretations of the Lebanese crisis are discussed. The thesis highlighting the political nature of Lebanese capitalism is favoured, thanks to
Max Weber’s problematic, even if the ruling elite has radicalised the Wealth Defense characteristic of contemporary capitalist states. Founded on the
export of skilled labour and the import of capital, the internal economic structure - totally neglected by a neo-patrimonial state - is constantly
weakening, leading to an increase in public debt and recourse to extreme privatisation. In this way, the top of society is able to feed off the global
dysfunction. The policy of pegging the national currency to the dollar could only be a theatre of illusion, especially as several factors contributed to the
appreciation of the real exchange rate. The blindness of many experts is staggering, particularly their ideological apology for the fixed exchange rate.
The governor of the central bank, who was the target of investigations into unprecedented corruption, benefited from the indulgence of these experts.
There was no ‘‘Lebanese miracle’’ but a simple exploitation of the ‘‘routine credulity’’ of financial interests (Veblen).