The Balcerowicz Plan (Polish: Plan Balcerowicza), also termed "Shock Therapy", was a method for rapidly transitioning from a communist economy, based on state ownership and central planning, to a capitalist market economy. Named for its author, the Polish minister and economist Leszek Balcerowicz, the plan was adopted in Poland in 1989.
There was a temporary drop in output and growth was achieved by 1992. Similar reforms were made in a number of countries.
Read more about Balcerowicz Plan: Background, The Plan
Famous quotes containing the word plan:
“He fashions evil for himself who does evil to another, and an evil plan does mischief to the planner.”
—Hesiod (c. 8th century B.C.)