HICHAM SAFIEDDINE | Banking on the State: Lebanon's Economic Rise & Fall

The afikra Podcast

In conversation with Professor Hicham Safieddine, we get to grips with Lebanon’s banking system. He walks us through the history of central banks, who Lebanon’s Barons of Banking were, and how Lebanon’s banking sector got to where it is today. We reflect on Beirut’s economy and banking system from the 1800s to the present day, taking into account the Ottoman Imperial Bank, Banque de Syrie et du Liban, Banque du Liban and the Intra-affair. Finally, we discuss the current state of affairs and if change is on the horizon.

Hicham Safieddine is an Associate Professor and Canada Research Chair in the History of the Modern Middle East at the University of British Columbia. His research mostly focuses on the 19th and 20th century financial, economic and intellectual history of the MENA region. Safieddine is currently examining the emergence and transformation of global and national monetary regimes and financial systems under capitalist expansion, debt, war, colonial conquest, national liberation and revolution. Outside of his academic work, Hicham is the co-founder of e-zines Al-Akhbar English and The Legal Agenda’s English Edition.

About “Banking on the State: The Financial Foundations of Lebanon”:

Banking on the State reveals how the financial foundations of Lebanon were shaped by the history of the standardization of economic practices and financial regimes within the decolonizing world. The system of central banking that emerged was the product of a complex interaction of war, economic policies, international financial regimes, post-colonial state-building, global currents of technocratic knowledge, and private business interests. It served rather than challenged the interests of an oligarchy of local bankers. As Hicham Safieddine shows, the set of arrangements that governed the central bank thus was dictated by dynamics of political power and financial profit more than market forces, national interest or economic sovereignty.

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