Adjustment policy of Poland in 1990 - 1996

Abstract

Fundamental controversy concerning policy of transition of post-socialist economies to a market economy is discussed by the authors of this article. The controversy is related to a dispute between supporters of "big-bang" (the so-called "shock therapy") and those who support an evolutionary approach. The authors argue that: — "big-bang" policy was necessary in Polish circumstances but, the same time, it proved to be insufficient because it ignored - to a considerable degree - both institutional and structural levels of the transformation and focused mainly on macro level; — conceptions of evolutionary policy which focus on institutional transformation are not an alternative for stabilization policy and they take no account of restructurization problem; — there is a need for complex and harmonious policy of transition for to assure a stabilization and an institutional milieu favouring market transformation; such a policy should also stimulate restructuring processes on all levels of the economic system; — in the advanced phase of transition, the centre of gravity of respective policy slides from macro and mezo levels to incitement of adjustment processes issuing "from the tanks" - on micro and micro-micro levels.