A forum on Iraq almost went bust when the expert panel of MSU professors practically outnumbered the audience.
But Tuesday's presidential forum went ahead as planned, addressing issues relating to the reconstruction of Iraq.
"You basically have to build an economy from nothing," economics professor Max Kreinin said. Iraq's skilled work force and natural resources give it potential to eventually develop, he said.
"The first thing Iraq needs is money," he said, adding it will be up to the Iraqi people to decide whether to use the United States dollar as currency or not. The country is without an official currency since Saddam Hussein was overthrown.
After currency and civil services are stable, the government needs to exploit the oil reserves and create several Iraqi-controlled companies, so that some of the revenue can be reinvested into the country's infrastructure and manufacturing services.
Iraq's debt to other countries will also be a challenge for developers, Kreinin said.
"They should be invited to forget the debt," he said. "If Iraq really has to repay that debt, it will take several years.
"They wisely chose the president of MSU."
A central bank for the nation will also be crucial in the reconstruction, but Iraqis' financial expertise should be utilized, Kreinin said.
"There are Iraqi specialists in those subjects," he said. "I think recruiting some of these guys would be a good thing."
But other panelists argued Iraq is equipped to develop, and too much aid at one time could flood the local markets.
"Too much aid can be a problem," said Barry Stein, a political science professor. "It's very important aid be given to empower the locals at all levels."
Several panelists agreed the United Nations should be involved in the humanitarian effort to restore Iraq. If the organization does not take an active role, its power could be questioned in the future, James Madison professor Michael Schechter said.
The establishment of a new Iraqi government will also be a deciding factor for the reconstruction of Iraq, panelists argued.
"There are a lot of voices in Iraq," Stein said.
The identity of the Iraqi people has many layers, which can present challenges, but not chaos, James Madison professor Mohammed Ayoob said.
"Compromises will be made and have to be made," he said.
