Transformations in
Business & Economics
- © Vilnius University, 2002-2013
- © Brno University of Technology, 2002-2013
- © University of Latvia, 2002-2013
Article
ECONOMY OF POLAND, THE CZECH REPUBLIC AND HUNGARY AFTER 20 YEARS OF TRANSITION
Waclaw Jarmolowicz, Dawid Piatek
ABSTRACT. The goal of this study is to present and evaluate theoretical foundations of economic transformation as well as its implementation and results in the case of Poland. The shock therapy applied in this country show that all actions should be performed in all areas of economy relatively simultaneously and their implementation should be realized at the highest possible or next to the highest rate. Such a strategy is to enable using the 'period of extraordinary policy' as well as the effect of synergy due to simultaneous introduction of many changes and to lead to the balance of economy in a short period of time. Results of the transformation in Poland appear to be very good in comparison with those of other countries of the region.
KEYWORDS: economic transition, shock therapy, gradualist approach, macroeconomic stabilization, Czech Republic, Hungary.
JEL classification: P20; P27.