The article discusses fundamental trends in the economic policy in the Second Polish Republic. It encompasses the most important trends, successes and failures of that policy. The Polish State during the twenty years of independence after World War I played an active part in rebuilding of the economy destroyed by the war, in strenghtening of the Polish currency, in improving agriculture and industry. Some politicians used to emphasise that this policy was pursued out of necessity and had not a programme character. However, it is out of question that the state was committed to economic issues. Undoubtedly, building of the Gdynia harbour was one of the most exceptional achievements of the Second Polish Republic.
Economic policy traditionally defined as the conscious interaction of the state upon the economy, its structure and the processes occurring in it is subjected contemporarily to various limitations both internal and external. The end of the XX century and the first years of the XXI century were abundant in events which changed the outlook of the world and very strongly affected the shape of international political and economic relations. The development of mass transport, new technologies of information transfer, the transformation processes in the former socialist countries are only some of the factors influencing the shape of the world at the threshold of the third millennium. The growing network of ties between states, economies and regions causes that it is increasingly more difficult for sovereign states to conduct an independent economic policy. The conscious making of strategic decisions, especially in the case of countries such as Poland, must be preceded not only by analysis of effects but also by reflection on the conditions and limitations resulting from functioning in an increasingly more complex world.
The main features of the economic development of the Slovak Republic in the year 2004 are as following: strengthening of the quite respectable dynamic growth from the previous years; maintaining macro-economic stability above its average level being achieved in the whole period of the Slovak economy transformation. Positive features which are reflected not only in the values of macro-economic development indicators, but also in the improving results of corporations' business activities, are not sufficiently projected into a social situation of population.
The transformation of the Slovak economy went through stages of varying quality over time. The current second stage of depoliticization of economy is rounding up along with reforms undertaken typically not only by transforming countries but also by economically more advanced states. Having analyzed the criteria for a completed transformation process one may conclude that despite a substantial shift towards the standard market economy model the transformation has not been entirely completed by the time Slovakia became a member of the European Union. The Slovak economy, on the other hand, has already managed a critical mass of changes and would be considered by the economically more advanced countries as a peer in the economic area. Notwithstanding this advance the authors of the economic policy need address the convergence task along with the removal of the remaining transformation deformities
Not only theoretical arguments, but also the practical experience of post-socialist transition economies over the past 15 years demonstrate that faster economic growth is attained by those countries which take greater care to foster the institutional reinforcement of market economy. However, progress in market-economy institution building is not in itself sufficient to ensure greater competitiveness of enterprises, rapid economic growth and hence an improvement in living standards. Another indispensable component is an appropriately designed and implemented economic policy. It is not inconceivable that despite the institutional progress, growth rate may slow down precisely because of the deteriorating quality of the policy. This is what happened, for instance, in Poland as a result of the harmful overcooling of the economy towards the end of the previous decade. Thus what matters is not only institutions, but also policy. One should also take into account cultural factors. The key to long-term economic growth is provided by a good coordination between institutional changes and a policy that favors capital formation and optimizes its allocation.
This paper aims to contribute to the theoretical discussion of Social Market Economy concept and his compatibility with the main premises of neoclassical economic goal of optimal economic efficiency. We will shortly discuss the historical and social context of Ordoliberalism and Freiburg school; subsequently apply the concepts of institutional economy and concepts of economic theory of democracy. The compatibility of normative institutional order and requirements of contemporary economic policy will be discussed in connection with topics as a social order and policy, social capital, economic policy decision making and state-market relations in modern democratic society.
he paper analyses the interpretations of the Italian Fascism’s economic policy which were presented by the Polish economists of the interwar period. The economists who wrote in detail about the Fascist economy were impressed by the impetus of the investments realized by the State in Mussolini’s Italy and also positively evaluated the introduction of the social peace by the Mussolini’s government, though they sometimes noticed the economic costs connected with the Fascist policy — especially the expansion of bureaucracy and the growth of the fiscal burdens imposed on the society. One of the most enthusiastic commentators, Jan Zdzitowiecki, did not notice the symptoms of the aggravation of the economic situation in Italy in the final years before the World War II. The majority of the economists ignored the consequences of the intensive investment in the heavy industry during the 1930s for the standard of life. Only Henryk Kurt Hendrikson emphasized that these investments exerted the signifi cant infl uence on the drop in the level of consumption in the society. Roman Rybarski was surely the only Polish economist of the period who fully perceived and understood the evolution of the Fascist economic policy — from the remarkably liberal policy (until about 1926) to the progressively larger State control over the economy in the 30s. The author submits the thesis that the attitude of Polish economists towards the Fascist economic policies was the derivative of their general attitude towards the conception of State control over and direct management of economy. Especially those economists who, like, for instance, Lvov university professor Leopold Caro, searched for “the third way” between the liberal capitalism and socialism, expressed the positive or even enthusiastic opinions on that economic policy.
The aim of this study is to analyze the causes of the German economic miracle (Wirtschaftswunder) in the era of L. Erhard, in the context of economic theory and economic history. In the present study, it has been attempted to justify the thesis that this success was made possible not only through an effective policy of economic order, but also due to conditions specific economic, social and political conditions in the world after World War II. Erhard's policy, which promoted the economic order, but denied the state intervention in the management process, proved to become remarkably effective in those circumstances. There remains an open question whether Erhard's policy of economic order would achieve such a spectacular success in the different socio- economic conditions.
This article tries to reconstruct and explain the principles of the ordoliberalism by Walter Eucken as a basis for the functional capacity of the social market economy. First, the author describes the orign concept of the ordoliberlism by Walter Eucken. Thereafter she analyses the principles as a mission statement of the social market economy and shows the reasons for the enforceable problem of ordo-liberal conception by Eucken. At the end she develops a combination of ordoliberal principles with a ordo-political economic conception.
Mutual neighbourhood relations between Russia, Belarus and the European Union are for both sides one of the most important priorities of their foreign policies. However, there are sometimes moments of tension in international relations between the EU, Russia and Belarus, although a big crisis is unlikely as they need each other. To make their relations decidedly better, the UE should concentrate on business and not on values. Whereas Russia and Belarus should take into consideration, that the good friendly neighborhood relations in fact mean joint interests and profits.
In 2006 the favourable development of the Slovak economy had almost universal character. Robust economic growth was combined with a breaking improvement on labour market and with preserving satisfactory macroeconomic stability. Launching the operation of new production capacities of the foreign investors together with the fulfilled economic reforms had decisive impact on the good results in 2006 and will have a positive influence on the economic development of the Slovak economy even in 2007. The commitments connected with the expected entry into the euro area (January 1, 2009) will contribute to maintaining macroeconomic stability and to further advancement of real convergence towards the level of the West European economies.
Sustainable reduction of inflation remains, even after more than a decade of economic transition, one of the key tasks for the majority of Central and East European countries. In the present paper we employ an iterative multisectoral model underpinned by estimates of sectoral price functions to simulate six disinflation scenarios for the case of Slovenia. The model simulations show that substantial progress in disinflation can be made already in 2004. However, instead of relying on a single anti-inflationary tool, stabilization of the inflation rate at around 3-4 % per annum demands highly harmonized implementation of at least three instruments: moderate de-indexation of wages, rigorous price policy in those segments of the Slovenian economy where lack of competition does not assure price stability, and a prudent monetary policy.
Development of innovation capabilities both in research and applied aspects and improvement of institutional structure are main problems in modern economies. Enterprises couldn't create innovations without more institutional and policies support but they couldn't apply effective innovation solutions without a free market (Prahalad, Krishnan 2010, Von Tunzelmann 1995). That is why it seems that economic system functioning and especially economic policy might become a crucial factors determining the nature and dynamics of innovation development processes. Creating new innovation structure (via economic policy) and transfer of technologies should support modernisation processes in companies and creation of development opportunities for the national economy as a whole [Burton-Jones 2001; Dore, Lazonick, O'Sullivan 1999; Varieties of Capitalism 2001[. Those processes should will accelerate technological convergence of low-developed economies. The main aim of the paper is to describe and interpret two processes: 1) the impact of the institutional changes and market environment on the changes in the circumstances of innovation process, and 2) the role of innovation and technology transfer in the formation of the economic system with the support of economic policy.
The article deals with a discussion on two trends in modern economy, i.e. globalization and regionalization and their relationship with the economic policy. Undoubtedly, both processes require an active economic policy on the part of governments which would allow to meet the challenge connected with the above mentioned processes. Research into economic systems confirm the idea that economic policy has always played a significant role in the achievement of a particular level of advance by a given country. So far, none of the schools of economic thought has expressed doubts concerning its very existence. However, we can speak of different degrees of state interventionism and different results of the adopted policy that is to say its effectiveness in achieving development and solving economic problems of the country. Global corporations appear to be especially tough partners for the state as they take full advantage of the rules of free market economy to intensify their income.
The article presents a review of the most important trends in the economic policy of the People's Republic of Poland. Undoubtedly, they resulted from Poland's incorporation into the area of influence of the Soviet Union. That entailed implementation of the Soviet economic model. Being part of the communist empire, Poland could not adopt the policy aimed at guaranteeing modern economic growth and satisfactory improvement of the living conditions. The 45 years of the communist rule were responsible for separating the economy from trends in leading civilized countries. That led to a structural economic crisis and, consequently to the collapse of the system imposed on Poland in 1944.
The aim of the paper is to identify the factors of the changes in economic development, in competitiveness of advanced economies, in the structure of labour force, as well as implementation of the information and communication technologies, which led to the changes in the position of science and research. In a conclusion the paper pays attention also to the impact of these changes on formation of economic policy in the advanced countries.
The magnitude of the budget deficit in Hungary has recently become one of the most urgent problems of economic policy, endangering both the target date of entry into the Euro zone and sustainable growth. The recent apparent difficulties of consolidation raise the question of how the chronic high deficit can be explained. The study answers by examining the political-economy literature on deficit, which has tended recently to emphasize the importance of institutional regulation, rather than economic factors. The main conclusion offered by a survey of Hungary's system of regulation is that the weaknesses of the budget process allow short-term interests to dominate in decision-making, so that in times of slowing growth and political tensions, the tendency to deficit is much increased. Reform of the public-finance regulations is therefore essential to creating a balanced budget in the long term.
The starting point of the study has been a survey of indices developed by international economic organizations. Such indices tend to encompass a number of qualitative/quantitative variables relating to economic viability, e.g. economic liberties, budgetary balance, judiciary, technical sophistication, social factors and innovation. Basing on the aforementioned data, the study has focused upon the comparison of both countries' competitive stances and permitted the formulation of certain economic policy guidelines with regard to Poland, which has underperformed Estonia in most of the rankings.
The article contributes to the debate focused on the institutional principles of policies conducted by the fiscal as well as the monetary authorities. The author offers a brief review of the main relations between the aims of macroeconomic policy and the instruments that enable to fulfill the former. At the same time specific determinants of the aim-oriented decisions by the central bank or the government are reviewed. Last but not least in the analysis is the dilemma of policy mix coordination and the formal/informal status of the government as well as of the central bank is extensively discussed.
The global liberalization of capital markets that began in the 1980s significantly narrowed the scope of economic policy in small, open countries with their own currency. Despite a high level of state redistribution, the case of Sweden exemplifies successful adaptation to the new challenges through institutionalization of economic-policy discipline. Taking the constraints of integrated capital markets into account, the regulation based approach to monetary and fiscal policy resembles the earlier Swedish model in serving four basic economic-policy goals: growth, high employment, social equality, and price stability. Apart from this community of goals, the two periods are linked by economic-policy consensus and social trust - a basic requirement for success under either system.
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