C. Nasulea, Doctor of Sciences (Economic), Lecturer, D. F. Spinu, MA Student University of Bucharest, Bucharest, Romania, R. M. Moroianu, PhD Student Academy of Economic Studies, Bucharest, Romania THE POLISH RECIPE

Twenty-six years ago the international community witnessed one of the most dramatic changes in economic systems. Natu­rally, the fall of communism in Eastern Europe and its consequences were events difficult to judge and anticipate in their imme­diate aftermath. Today, we have gained a much more coherent perspective on their meaning. The political liberalization of Poland in 1989 and its transition to the market economy was generally perceived as the most successful of all post-communist coun­tries. From 1990 to 2013, Poland experienced the most outstanding economic growth within the former communist bloc. It dou­bled its GDP in real terms and became the only country to experience economic growth during the financial crisis of 2008-09. However, the polish secret recipe lies in the “shock therapy” adopted at the beginning of the 90’s. The aim of this paper is to ex­amine the importance of the Balcerowicz’s program in creating the basis for economic stability and growth through privatization, liberalization of foreign trade, monetary reform and an open economy. We will also review the impact of this unprecedented transformation in shaping a strong, market-oriented economy.

Key Words: transition; shock-therapy; economic reforms, privatization; liberalisation.

Date of submission 30.11.2016

DOI: https://doi.org/10.17721/1728-2667.2017/192-3/7


  1. Androshchuk, A. (2006). Transition Economies: A Look at Russia, Ukraine and Poland. Pace University, Digital Commons@Pace. Retrieved from:  http://digitalcommons.pace.edu/cgi/viewcontent.cgi?article=1032&context=honorscollege_theses
  2. Aslund, A. (1995). How Russia became a market economy. New Jersey: Transaction Publishers.
  3. Aslund, A. (2013, April). Poland: Combining Growth and Stability. In CESifo Forum (Vol. 14, No. 1, p. 3). Institut für Wirtschaftsforschung (Ifo). Retrieved from: https://ideas.repec.org/a/ces/ifofor/v14y2013i1p03-10.html
  4. Aslund, A., Orlowski, W. M. (2014). The Polish Transition in a Comparative Perspective (Polska transformacja ustrojowa w perspektywie poröwnawczej). mBank –           CASE Seminar Proceedings, No. 122/2014. DOI http://dx.doi.org/10.2139/ssrn.2560238 Retrieved from: http://www.case-research.eu/sites/default/files/publications/ mbank-case_133_FINAL_KS_MJ_2_0.pdf
  5. Central Statistical Office of Poland. Retrieved from: http://stat.gov.pl/en/
  6. Curtis, G.E. (1992). Poland: A Country Study. Washington: gPo for the Library of Congress. Retrieved from: http://countrystudies.us/poland/
  7. Retrieved from: http://www.econstats.com/weo/CPOL.htm
  8. Giannaros, D. (2011). Twenty years after the economic restructuring of eastern Europe: An economic review. International Business & Economics Research Journal (IBER), 7(11). DOI: http://dx.doi.org/10.19030/iber.v7i11.3306
  9. International Financial Statistics Database. EconData. Retrieved from: http://www.econdata.com/databases/imf-and- other-international/ifs/
  10. Jackson, J. E., Klich, J., Poznanska, K. (2005). The political economy of Poland’s transition: new firms and reform governments. New York: Cambridge University Press.
  11. Lipton, D., Sachs, J., Fischer, S., Kornai, J. (1990). Creating a market economy in Eastern Europe: The case of Poland. Brookings papers on economic activity, 1990(1), 75-147.
  12. Marangos, J. (2007). The shock therapy model of transition. International Journal of Economic Policy in Emerging Economies, 7(1), 88-123.
  13. Marvin, T. (2010). Shock therapy: what we can learn from Poland. Prospect: Journal of International Affairs at UCSD. Retrieved from: http://prospectjournal.org/2010/11/11/shock-therapy-what-we-can-learn-from-poland/
  14. OECD Statistics Directorate. National Accounts. Retrieved from: http://www.oecd.org/std/na/
  15. Stats. Retrieved from: http://stats.oecd.org/Index.aspx?DataSetCode=SNA_TABLE1
  16. Pocztowski, A., Belka, M., Petersen, H. G. (1995). Economic Transformation in Poland. Reforms of Institutional Settings and Macroeconomic Performance. New York: Campus Verlag.
  17. Pozanski K.Z. (1996). Poland’s Protracted Transition. Institutional Change and Economic Growth 1970-1994. New York: Cambridge University Press.
  18. Sachs J. (2005). The End of Poverty: Economic Possibilities for Our Time. New York: Penguin Books.
  19. Sepp, J., Frear, D. (2012). The Economy and Economics after Crisis. Berlin: Berliner Wissenschafts-Verlag.
  20. Surdej A. (2004). Managing Labor Market Reforms: Case Study of Poland. World Development Report, 2004. Retrieved from: http://siteresources.worldbank.org/INTWDR2005/Resources/bp_poland_labor_market_reform.pdf
  21. World Bank Data Catalog. World Development Indicators. Retrieved from: http://datacatalog.worldbank.org/
  22. Zanardi, L.H., Courts, M.J., Kutnick, B.L. (1995). Economic Restructuring and Donor Assistance. Report to Congressional Committees. Washington D.C: United States General.