By Jan Winiecki
Poland's transition from socialism to capitalism has principally been praised as successful tale. actually, although, in line with this examine, Poland's case is an 'incomplete' transition.
taking a look at the tactics curious about financial transition, protecting key concerns together with monetary markets, labour markets, festival and intervention, social protection, estate rights and attitudes in the direction of the altering political economic climate, this booklet presents a wide-ranging and helpful research of financial improvement. it is going to be of significant use to economists, these taken with Russian and East eu reports, and political scientists.
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Extra resources for Institutional Barriers to Economic Development: Poland's Incomplete Transition
The regulatory framework must be set, the Polish Mass Privatization Program (PPP) must at last be put into operation. e. investment funds, on the market. Finally, there must be a definite political will to decide on the fundamentals of the social security system and the role of private pension funds therein (plus the necessary regulatory framework for such funds). Of these probably the closest to implementation is the PPP and the appearance on the scene of investment funds as stockholders in companies included in the program (this has already happened).
But the investment requirements of restructured SOEs or already privatized SOEs will undoubtedly increase the The financial markets 21 pressure. Therefore, the probability of ending up with the German/Japanese model of universal banks—holding shares and exercising control over a significant share of the non-financial sector—seems to be markedly higher. 2 The fact that alternative models referred to above are not clearcut alternatives nowadays, is not taken into account. There is a noticeable blurring of the lines in the countries of origin of the German/Japanese model, especially in the former.
Thus, the potential for distortions, or maybe even for hidden renationalization is expected to increase rather than decrease under the present political circumstances. The transgressions against the capitalist market order are so serious in this respect that the Freedom Union (that is the main opposition party)’s legal experts proposed the constitutional ban on ‘stock market-based renational-ization’. This, however, like the acceleration of privatization, looks to be a legislative task for the future rather than for the present.