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I was curious about the quotation from the linked article that says: "The World Bank has described what is happening in Lebanon as possibly one of the top three
by AlanYx 5y ago
I was curious about the quotation from the linked article that says: "The World Bank has described what is happening in Lebanon as possibly one of the top three economic collapses seen since the mid 19th Century."
It turns out that's in reference to the Reinhart and Rogoff "100 episodes" paper, which focused on examples of historical financial crises in largely western countries. Stalin's push for collectivization, Mao's great leap forward, etc. aren't included in that study. So the World Bank isn't implying that the current situation is as dire as those kinds of situations.