Poland's Jump to the Market Economy

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MIT Press, 1994 - Business & Economics - 126 pages

In Poland's jump to the Market Economy, Jeffrey Sachs provides an insider's analysis of the political events and economic strategy behind the country's swift transition to capitalism and democracy. The greatest challenges to economic reform, Sachs points out, have been primarily political in nature, rather than social or even economic.Sachs reviews Poland's striking progress since the start of the economic reforms three years ago, which he helped to design. He discusses the gains - more than half of employment and GDP is now in the private sector, exports to Western Europe have more than doubled, and economic growth and confidence are returning - as well as the serious problems that remain - high unemployment, a chronic fiscal deficit, the slow pace of privatization of large industrial enterprises, and the fragility of multiparty coalition governments.Sachs points out that leadership is crucial to economic reform in a newly democratic setting, as is the West's timely economic assistance. In Poland's case, the Zloty Stabilization Fund and the two-stage debt cancellation have been essential to keeping the reform program on track.Poland's example has had a powerful impact on reforms throughout the region, including the former Soviet Union, and has done much to dispel the fear that the citizens themselves, allegedly made lazy by decades of socialism, would reject the competitive rigors of a market economy. Overall, Sachs remains firmly convinced of the potential for successful economic reforms. in Poland and the rest of the region.Jeffrey Sachs is Galen L. Stone Professor of International Trade at Harvard University, and has been an economic advisor to more than a dozen countries around the world, including Bolivia, Mongolia, Poland, and Russia.

 

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Poland's jump to the market economy: based on the Lionel Robbins Memorial Lectures delivered at the London School of Economics, January 1991

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Harvard professor Sachs, the noted author of several books on international trade and an economic adviser to over a dozen countries, including Poland, is a major commentator on the awesome task of ... Read full review

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About the author (1994)

Jeffrey David Sachs was born November 5, 1954, in Detroit, Michigan. He attended Harvard College, where he received his B.A. summa cum laude in 1976. He went on to receive his M.A. and Ph.D. in economics from Harvard, and was invited to join the Harvard Society of Fellows while still a Harvard graduate student. In 1980, he joined the Harvard faculty as an Assistant Professor and was promoted to Associate Professor in 1982. A year later, at the age of 29, Sachs became a Full Professor of economics with tenure at Harvard. During the next 19 years at Harvard, he became the Galen L. Stone Professor of International Trade, the Director of the Harvard Institute for International Development at the Kennedy School of Government (1995-1999), and the Director of the Center for International Development (1999-2002). Sachs is known for his work as an economic adviser to governments in Latin America, Eastern Europe, and the former Soviet Union. A trained macroeconomist, he advised a number of national governments in the transition from communism to market economies. Jeffrey Sachs has authored several publications. Some of his titles include Common Wealth: Economics for a Crowded Planet and The Price of Civilization: Reawakening American Virtue and Prosperity, which earned him a spot on Publisher's Weekly Best Seller List for 2011.

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