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WEEKLY NEWSLETTER
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Poland
Index
These rapidly introduced short-term policies quickly
and
fundamentally changed the workings of the Polish economy.
Establishment of a full market system has other
requirements,
however, that take more time and are more problematic. The
new
Polish economy required a reorganized legal and
institutional
framework. Financial institutions, capital and labor
markets, the
taxation system, and contract laws required revision.
Establishing systems for protection of consumers and of
the
environment was another priority. For these institutional
changes, legislation had to be prepared, considered, and
enacted
by the government; then key personnel had to be trained to
gradually bring the system to full efficiency. Because
many flaws
in new legislation or regulations were only detectable
after
implementation, policy making took on an unstable,
trial-and-
error quality. Reform and stabilization measures did not
meet
expectations, and the country's economic situation
deteriorated
in 1990-91.
Data as of October 1992
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