Ones and Tooze Hezbollah and the Lebanese Economy
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Aug 30, 2024 Lebanon's economy is in crisis, with the pound plummeting 98% since 2019, revealing the complex interplay between political upheaval and the rise of Hezbollah. The discussion highlights how historical conflicts intertwine with current events, shedding light on regional tensions. Shifting gears, the narrative travels to Michigan, where the automotive industry showcases a stark contrast between its past glory and present struggles, aided by fascinating tales from Detroit and inspiring immigrant stories from Dearborn.
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Severity of Lebanon's Economic Collapse
- The Lebanese economy has experienced one of the most severe collapses in modern history, according to the World Bank.
- It began with a currency collapse in 2019, followed by bank closures and government default.
Roots of Lebanon's Economic Problems
- Lebanon's economic problems are rooted in the 1970s-80s civil war and the subsequent sectarian political system.
- This system, while promoting peace, hindered progress and reform, contributing to the current crisis.
Hezbollah's Economic Role
- Hezbollah's economic management differs from the rest of Lebanon due to its focus on resistance.
- Its involvement in escalating tensions with Israel contributes to the economic pressure on Lebanon.