The Polish Economy

Slay, Ben

doi:10.1515/9781400863730

Cited by 51 publications

(6 citation statements)

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“…Whereas the value of imports from Western countries nearly quadrupled between 1971 and 1975, that of exports doubled during this time. This misguided economic policy had serious consequences because Poland's net foreign debt to the West increased from USD 1.3 billion to 7.6 billion in the years 1971-1975 [21].…”

Section: Resultsmentioning

confidence: 99%

The impacts of the 1973 and 1979 oil crisis on Central and Eastern European countries

Domonkos

2023

Gradus

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The 1973 and 1979 oil crisis had profound impacts on the global economy. As a result of the Yom Kippur War in October of 1973, world oil prices quintupled between 1973 and 1974. The crisis was structural in its nature and led to the end of postwar prosperity in Europe. In Western Europe and the United States, economic slowdown was coupled with persistently high inflation and rising unemployment rates. The situation of the world economy was further exacerbated by the collapse of the Bretton Woods system in 1971, which had widespread negative consequences. Additionally, the 1979 Iranian Revolution resulted in another “oil crisis” and caused a severe recession. Despite the harsh propaganda, based on Marxist-Leninist ideology, the Soviet bloc had to face a permanent economic crisis from the mid-1970s. The socialist countries postponed the introduction of structural reforms in their national economies and preserved their obsolete production and export sectors. Due to the lack of adjustment to the changed circumstances in the world economy, the structural crisis became deeper and prolonged more in Central and Eastern Europe than in the West. This paper aims to highlight the impacts of fundamental changes brought by the oil crisis on the socialist countries. It also evaluates the main reasons of economic slowdown and growing indebtedness of the region.

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Section: Resultsmentioning

confidence: 99%

The impacts of the 1973 and 1979 oil crisis on Central and Eastern European countries

Domonkos

2023

Gradus

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“…Comparison of actual economic performance to optimistic government projections provides revealing evidence that the results achieved diverged considerably from those expected (Slay, 1992a(Slay, , 1994Bratkowski, 1993;Poznanski, 1993). Official projections forecast economic recovery by mid-1990, but these errors raised false hopes.…”

Section: The Dilemmas Of Market-oriented Reforms In Polandmentioning

confidence: 92%

“…Although the severe recession of the first three years did bottom out and the economy experienced a healthy 4% growth in 1993 and 4.5 in 1994, there are still four major problems that stand in the way of a sustained economic recovery in Poland. These are the labor conflicts over wages and security benefits, inflation and unemployment that remain stubbornly high, fiscal problems of state enterprises and the banking system, and the gloomy outlook of agriculture (Slay, 1992b;. When Poland's Solidarity government took power from the communists in 1989, it enjoyed an approval rating of 90%.…”

Section: The Dilemmas Of Market-oriented Reforms In Polandmentioning

confidence: 99%

Economic transition in Poland: the relevance of the Latin-American experience

Berríos

1995

Brazil. J. Polit. Econ.

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Shock therapy was used in Poland causing many problems. It is true that four years later the economy started to grow again, but the transition to the market economy took place with high unemployment rates and increasing social inequalities. Poland’s liberalization and economic stabilization program has a lot to do with similar programs experienced in Latin America and could be useful to Poland. In the short term, costs are similar to those of the Latin American experience. Even though stabilization was partially achieved, the social costs that took off were large, making the continuation of economic reform politically indigestible in the democratic context.

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“…6 In the economic arena, Gierek introduced what he called the "New Development Strategy," which he said would achieve success "by taking advantage of Poland's new position in the international arena." 7 The keys to the New Development Strategy included obtaining Western imports of investment goods, which would modernize Polish industry and agriculture, and increasing the availability of consumer goods, which would improve living standards and work incentives. 8 When Gierek's New Development Strategy was introduced, not only did the national economy see increased production of consumer goods and new technologies, citizens saw both their wages and opportunities as Polish citizens increase.…”

Section: Conditions In Polandmentioning

confidence: 99%

Solidarity a Look at the Literature of A Social Movement, 1980-1989

Cardwell¹

2013

The Virginia Tech Undergraduate Historical Review

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The Polish Economy

Cited by 51 publications

References 0 publications

The impacts of the 1973 and 1979 oil crisis on Central and Eastern European countries

The impacts of the 1973 and 1979 oil crisis on Central and Eastern European countries

Economic transition in Poland: the relevance of the Latin-American experience

Solidarity a Look at the Literature of A Social Movement, 1980-1989

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