What is the Paper About?
Following the 2008 financial crisis, the literature examined the predictions and proscriptions of Karl Marx, with some asking whether existing financial systems had run their course. Nevertheless, Marxist-leaning literature and policies never took hold, and state-level banking/ finance policies have remained largely unchanged. This paper examines Belarus, a ‘neo-communist’ or ‘market-socialist’ state, to provide a new perspective on the continuation of capitalism in the United States and Europe, nearly unchanged, following the financial crisis.
Why is it Important?
Examining Belarus’ path to and out of its financial crisis makes apparent that the role of the international lender of last resort (LOLR). The LOLR acts as a key element in protecting states embroiled in the financial crisis from facing the possibility of making the difficult policy changes put forth by the Marxist literature.
Robin Bell 