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Learn historic lessons correctly

Comments on peter Drysdale “How should Asia read the Greek tragedy? – Weekly editorial”, 17/05/2010, http://www.eastasiaforum.org/2010/05/17/how-should-asia-read-the-greek-tragedy-weekly-editorial/

Global institutions may or may not be helpful when the need arises in a country or a group of countries.

While David Vines argued strongly the outcomes of those Asian countries in coming out of the Asian financial crisis in the 1990s, many may not necessarily share his reasoning to attribute those countries' success later on to the success of IMF measures and its conduct during that painful process.

World institutions theoretically should have greater capacities than regional institutions in terms of dealing with any financial crises.

That, however, should be balanced by the dilution of accountability or interests, the further away an institution is from a country or a region, the less its interests are aligned with the latter's, due to obvious and various political and practical reasons.

At a time of revisiting the role of IMF in the Asian financial crises in the 1990s, one should be objective and not be distorting the fact from what actually occurred.

Only when approaching history correctly will we be able to learn from it and develop correct strategies for the future.

Otherwise, one may be very disappointed from incorrect foundation on which a theory is to be built.

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