An assessment of polish economic development in the 1970's

The economic policy of the Gierek administration is examined alongside the economic performance of the Polish economy in the 1970's. From very favourable economic circumstances in the early seventies the authorities encouraged a consumption and investment boom of which they soon lost all contro...

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Bibliographic Details
Published in:European economic review 1980-01, Vol.14 (1), p.101-116
Main Author: Blazyca, George
Format: Article
Language:English
Subjects:
ECONOMIC ANALYSIS
INFLATION
INVESTMENT
POLAND
POLITICAL EVALUATION
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Summary:The economic policy of the Gierek administration is examined alongside the economic performance of the Polish economy in the 1970's. From very favourable economic circumstances in the early seventies the authorities encouraged a consumption and investment boom of which they soon lost all control. Sharp reversals in economic policy were later applied in order to deal with the chronic macroeconomic disequilibrium produced by the uncontrolled expansion. Policy zigzags have resulted in a highly disorganised economy increasingly ‘managed’ in an arbitrary way by central directive. The period was one of costly mistakes and lost opportunities.
ISSN:0014-2921
1873-572X
DOI:10.1016/0014-2921(80)90039-2