It would be good that you have. 2008 crisis that emerged in the United States of America as a financial crisis came to Turkey as a real sector crisis. The hurricane on the other end of the ocean reached our shores slowly. While we were wandering what that was and whispering "It will not necessarily hit is directly, it can also pass by Turkey" owing to our profound experience on watching crisis from a distance; we was caught by the storm. That storm was not similar to the crises we were used to. How were the crises we were used to? Where did the difference emerge from? Did we give the possible responses to the last crisis? What were those we could do but we failed to? What can we expect now? Answers to such questions can be found in Fatih Özatay's new book titled "Financial Crises and Turkey." After you finish the book, you cannot stop asking "where is the rest." But in a different way. Let us see how.

Please let me begin with the book. The book "Financial Crises and Turkey" has 182 pages. First third of the book introduces the reader with the literature for financial crisis. In the second third we learn how the global crisis emerged.  And the last third enumerates how Turkey was affected by the crisis and which steps could have been taken. When you finish the book; you have the answers for the questions above with joy. At least this is what I think. Each book is an adventure. But all books do not have the same impact on you. Reading is a personal adventure. This does not change whether what you read is a detective novel or a memoir. All books do not depict the same image in your minds. So, let me talk about what this book made me think.

In Turkey not much recompilation books are written. There are a few number of pieces that try to understand and at the same time explain a current issue. This, in fact, is a weakness of all of us.  However, who tries to understand a phenomenon by writing about it learns the better. In the field of economy in Turkey, such books are even rarer. You can go and check a bookstore; economics shelves are the poorest ones.  And among these only a couple of books that tries to address current economic issues. And the books that mention the word "crisis" in their title either does not cover the current period or fails to explain what has been going on in the region concerned. So you cannot stop asking for the rest of the book considering the time and the region concerned. This does not apply for the book we mention. The issue is directly related with the 2008 crisis and how the crisis tyrannized Turkey. So, the "where is the rest" feeling is a different one. This is the first point.

The people who once authorized to deal with economic policy would posture when assessing recent developments. They try not to hurt the authorities who currently hold that office. This is in fact a sense of companionship as in who has undergone the same before understands better. You have also felt the crisis. You would know how the ones currently in the office want but fail to do things under rough conditions. You know the best the meaning of noticing but failing to act against something. You are the master in knowing everything but failing to shout it due to your responsibilities.  Therefore, you refrain from talking with a mouthful the things on the tip of your tongue. But when talking about a current issue, things which should have been done but was ignored must be mentioned. The book we talk about does not great the "where is the rest" impression in this sense either. It tells with a gentle style the things which should have been done but was ignored.

So, what is the problem then? From where the "where is the rest" feeling emerge? Relevant public authorities who were in the office back then should open to discussion their experience in economic policy design. This is exactly what occupies my mind when reading Fatih Özatay's book. Rather than the current mistakes; why they were made or how they could be made should be discussed. Best way to explain this is that those one in the office establish a link between their own experience and current state of affairs. This is not a mistake for economic policy design. How do you think economic policy experience can be conveyed between generations? Of course by openly discussing mistakes and good practices. So, who can best discuss the policy design experience in the aftermaths of 2001 crisis? Of course the bureaucrats that participated in policy design back then. But, do you see any books from Turkey which explains what really happened and was written by an insider? No, you do not. Do we have an insider assessment for the crisis milieu of 1990s or 1980s? No, we do not; but we should.

As more and more authorities finishes his term in the office successfully starts working at universities rather than in the private sector or in the Parliament, number of such books and evaluations will increase. And both bookstore shelves and economic policy discussions will be enriched. To be honest, I am quite hopeful about this. I believe that this inside evaluation tradition can be started by Fatih Özatay, my old roommate from Ankara University Faculty of Political Sciences and current room neighbor in TOBB University and TEPAV. The book "Financial Crises and Turkey" reflects the initial signs of such discussion.

This commentary was published in Referans daily on 10.12.2009