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
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