EN
The aim of the study is to identify the macroeconomic implications of privatization in Poland and Russia. The author argues that institutional differences between the two coun-tries led to different consequences of privatization. In Poland, this process allowed the development of entrepreneurship and a significant decoupling of the economy from politi¬cal decisions. In contrast, the transformation in Russia has strengthened the role of the oli-garchs, which in turn led to the strengthening of the relationship between the economy and politics. Long-term consequences of this process are: the monopolization of the Russian economy, dependence on the mining sector and a low potential for innovation.