The Transition to a Market Economy in Poland: Commentary

Jan Adam

Cambridge Journal of Economics, 1994, vol. 18, issue 6, 607-18

Abstract: The Polish recession was deep because the applied monetary, fiscal, and incomes policies were too restrictive and the liberalization of trade was excessive, and no consideration was given to the need for an economic growth strategy. The authorities wrongly believed that enterprises would react to macroeconomic policies as corporations do in a market economy because they disregarded the fact that managers lacked the economy as excessively monopolized. In designing the transformation strategy, insufficient consideration was given to the political and social repercussions. The high social cost of transformation undermined the consensus for change to a market economy. (c) 1994 Academic Press, Inc. Copyright 1994 by Oxford University Press.

Date: 1994
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