Fallen from Grace: Financial Institutions as a Counterrevolutionary Force during the Lebanese October Protests

Abstract

This thesis investigates the counterrevolutionary efforts of the Banque du Liban (BDL) and the Association of Banks in Lebanon (ABL) amidst the October 2019 Uprising. Building on Jamie Allinson's counterrevolutionary framework, the study examines how these institutions strategically demobilized challengers within the contours of the Lebanese consociational regime. Employing an inductive thematic analysis, data from local newspapers, ABL publications, and BDL circulars revealed four key counterrevolutionary strategies: appeasement, repression, cooptation, and counternarratives. The research sheds light on the nuanced interactions between financial institutions and the political landscape, challenging traditional notions of dependence and uncovering a symbiotic relationship within the broader counterrevolutionary framework. The study delves into the heterogeneous approaches of the BDL and ABL, indicating diverse priorities and power dynamics within the financial sector against popular mobilization. Evaluating the short and long-term impacts on popular mobilization, it uncovers a complex interplay of converging and diverging consequences. In conclusion, the study underscores the influential role of financial institutions and their collaboration with the political establishment in sustaining the Lebanese consociational regime. It emphasizes the need for both active challengers and researchers to engage with the economic model supporting ruling elites and encourages a collective reflection on the trajectory and goals of social movements.