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Transition to a Market Economy in Poland

In: Social Costs of Transformation to a Market Economy in Post-Socialist Countries

Author

Listed:
  • Jan Adam

    (University of Calgary)

Abstract

The Polish economy suffered from as many ills as those of the other two countries. In addition, Poland suffered from galloping inflation; huge shortages — larger than in the CSR and Hungary; considerable erosion of the role of the domestic currency as a medium of exchange and store of value; and large foreign debts, to mention the most important problems. The so-called Balcerowicz programme introduced in January 1990 with the aim of stabilizing the economy and putting it on a transformation path, had to cope with all the problems mentioned above and was supposed to be completed with privatization of most state enterprises and the introduction of a legal infrastructure, thus leading to the establishment of a fully-fledged market economy. The programme can be characterized as shock treatment, since stabilization and liberalization measures were carried out simultaneously, with one stroke (see Kowalik, 1995, pp. 133–5).

Suggested Citation

  • Jan Adam, 1999. "Transition to a Market Economy in Poland," Palgrave Macmillan Books, in: Social Costs of Transformation to a Market Economy in Post-Socialist Countries, chapter 3, pages 22-36, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50087-7_3
    DOI: 10.1057/9780230500877_3
    as

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