Abstract
The strategy pursued in Central and Eastern Europe to move from centrally planned to free-market economies rests on frail theoretical foundations. Its starting-point is the shock therapy (‘Big Bang’) used to fight inflation in South America, Asia and Europe.1 Certain successes on this front, especially in South America, persuaded the IMF that it was a cure also applicable to the countries of Central and Eastern Europe which were suffering similar travails as inflation soared in the course of transforming economies from central planning to free-market systems.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Notes
See Pawet Bozyk, Droga do nikąd? Polska i jej sasiedzi na rozdrozu (Road to Nowhere? Poland and Its Neighbours at the Crossroads) (Warsaw: BOW, 1991)
See World Economy Research Institute, Poland: Illtemational Economic Report 1994/95 (Warsaw: Warsaw School of Economics, 1995), pp. 29–37; Paweł Bożyk, ‘Kolejny rok zmian’ (Another Year of Change), Życie Gospodarcze, 1995, No. 13, and ‘Komu bliżej do kapitalizmu’ (Who’s Qoser to Capitalism), Preglqd Kulturalny, 1995, No. 9 (12 May).
See Jeffrey Sachs and David Lipton, ‘Poland’s Economic Reform’, Foreign Affairs, Summer 1990.
See Paweł Bożyk. Któredy do Europy? (Which Way to Europe?) (Warsaw: GrafPunkt, 1994), pp. 41–3.
See Paweł Bożyk, ‘An Evolutionary Mode of Transformation of External Relations’, Paper presented at Sixteenth World Congress of IPSA, Berlin, August 21–15, 1994.
See Economic Transformation in Central Europe. A Progress Report, edited by Richard Portes, CEPR and Commission of the European Communities, 1993, pp. 12–14.
Ibid., p. 12.
Paweł Bożyk, ‘Ewolucyjny wariant transformacji powiazan zewnetrznych’ (The Evolutionary Variant of Transformation of External Relations), Ekonomista, 1993, No. 3. pp. 283–300.
Editor information
Editors and Affiliations
Copyright information
© 1999 Palgrave Macmillan, a division of Macmillan Publishers Limited
About this chapter
Cite this chapter
Bożyk, P. (1999). Gradualism versus Shock Therapy. In: Hare, P.G. (eds) Systemic Change in Post-Communist Economies. International Council for Central and East European Studies. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-14508-9_2
Download citation
DOI: https://doi.org/10.1007/978-1-349-14508-9_2
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-14510-2
Online ISBN: 978-1-349-14508-9
eBook Packages: Palgrave Political & Intern. Studies CollectionPolitical Science and International Studies (R0)