The third lesson is that international financial institutions can be of some help – when not driven by political or geopolitical considerations and when not married to a dogma. Unfortunately, these are rare cases. Most IFIs – notably IMF and, to a lesser extent, World Bank – are both politicized and doctrinaire. It is only lately and following recent mega-crisis in Asia, that IFIs began to “reinvent” themselves, their doctrines and their recipes. This added conceptual and theoretical flexibility led to better results. It is always better to tailor a solution to needs of client. Perhaps this should be biggest evolutionary step:

That IFIs will cease to regard countries and governments within their remit as inefficient and corrupt beggars, in constant need of financial infusions. Rather they should regard these countries as CLIENTS, customers in need of service. After all, this, exactly, is essence of free market – and it is from IFIs that such countries should learn ways of free market.

In broad outline, there are two types of emerging solutions. One type is market oriented – and other, interventionist. The first type calls for free markets, specially designed financial instruments (see example of Brady bonds) and a global “laissez faire” environment to solve issue of financial crises. The second approach regards free markets as SOURCE of problem, rather than its solution. It calls for domestic and where necessary international intervention and assistance in resolving financial crises.

Both approaches have their merits and both should be applied in varying combinations on a case by case basis.

Indeed, this is greatest lesson of all:

There are NO magic bullets, final solutions, right ways and only recipes. This is a a trial and error process and in war one should not limit one’s arsenal. Let us employ all weapons at our disposal to achieve best results for everyone involved.

Sam Vaknin is the author of Malignant Self Love - Narcissism Revisited and After the Rain - How the West Lost the East. He is a columnist for Central Europe Review, United Press International (UPI) and eBookWeb and the editor of mental health and Central East Europe categories in The Open Directory and Suite101.

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