Abstract:

Poland faced unprecedented challenges after the disastrous Second World War. Between 1950 and the mid-1970s the communists managed to slightly narrow the huge gap between Poland and the US in terms of GDP per capita (PPP). In the subsequent 15 years the average growth was highly unsatisfactory. In the mid-term horizon the ambitious import substitution and export-led growth strategy proved to be a failure. The country overburdened by foreign debt was practically insolvent. As the reforms introduced by the communists lacked adequate impetus the country seemed ready to the systemic transformation. In certain spheres (such as relatively high share of the private sector) Poland was better prepared for this unprecedented undertaking.