Case Study On The Economy Of Poland [2008]

1452 words - 6 pages

EXPLAIN THE DEVELOPMENT STRATEGIES OF AN ECONOMY OTHER THAN AUSTRALIA. ANALYZE THE IMPACT OF GLOBALIZATION ON THIS ECONOMY.The nations of the world are becoming increasingly connected and interdependent. There are many benefits associated with globalization, but not all nations have benefited equally. Globalization refers to the process of increased integration between different countries and economies and the increased impact of international influences on all aspects of life and economic activity. There is no better economy that marks the intersection of the Cold War Era and the era of globalization than Poland. Since 1989 it has undergone the transition from a centrally planned economy to a market economy (convergence). It also endured the transformation from a closed economy of the Soviet Bloc to an open economy of the European Union (EU). In the past, Poland; as a centrally planned economy, saw extremely high levels of inflation, low levels of production, and significantly-deteriorating external factors. However in 1990 the country assumed, like many other transitional economies, an export-led development strategy. The country's transformation into a market economy has resulted in many benefits and detriments to the country; with the results being in relation to trade, investment, currency exchange, standards of living, growth, employment, and the environment.Poland is the largest transition economy of central Europe, and is now ranked 21st worldwide in terms of the GDP; with a Gross Domestic Product (GDP) of $US 632 billion (in Purchasing Power Parity). Although its economic performance is soaring, its living standards are well below other European countries. There have been significant improvements to the living standards over the past decade and a half, and because of this the World Bank classifies Poland as an upper-middle income country. Since its entrance into the global economy, Poland has successfully achieved high rates of economic growth since its entrance into the global economy, averaging 4.1 per cent per year between 1990 and 2006.In 1990, the new Polish government instituted an economic program that was designed to "shock" the system into a speedy conversion to a free market economy. It was argued that using this "shock therapy" would reduce the possibility of the reform process being hindered by those citizens who opposed the transition.Poland's reform package, known as the "Balcerowicz Plan" was negotiated with the help of the IMF and the government and came into effect on the first of January 1990. The plan catered for all aspects of convergence into a market economy. Liberalization and privatization were key features of the plan as they included the removal of Government controls over prices, reduction of trade protection (if not abolishing it completely), and transfer of government ownership to the private sector. The plan also catered for those who would suffer in the shift by including macroeconomic stabilization regimes...

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