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ID 12438
Eprint ID
12438
FullText URL
Title Alternative
Mechanism of the Polish External Debt Accumulation in 1970's
Author
Abstract
In this paper, the author clarifies the mechanism of the Polish external debt accumulation in 1970's which had become one of the causes of the system collapse. A basic strategy of 70's economic development was established at the 6th Congress of the Polish United Workers' Party (PZPR) held in 1971. The system reform in full scale started in 1973 based on this strategy. On the other hand, economic growth was at the peak in 1973. It decelerated afterwards, and a lot of economic difficulties were already caused in 1974. And the system reform was frustrated. Though the "economic adjustment" was introduced in 1976, the external debt accumulated rapidly, and the national income produced recorded negative growth in 1979. Finally, the financial crunch and the external debt crisis were generated. A Polish socialist system became dysfunction, and the system collapsed in 1989. The cause to which the external debt accumulates is as follows : (1) soft control of the foreign currency management in the relatively centralized economic system, (2) inefficient production system caused by the price distortion, (3) failure of domestic industry policy, especially agricultural policy. The following reform was necessary to solve these problems : (1) introduction of profit and loss account based on market prices, (2) bankruptcy processing of enterprise which loses solvency of external debt, (3) activation of private farms. However, it is a solution which obviously contradicts the socialistic principles. In such a meaning, the failure of the economic policy and the system design in 1970's could be the begining of the end of the Polish socialist system.
Note
論説
Published Date
2005-03-10
Publication Title
岡山大学経済学会雑誌
Publication Title Alternative
Okayama Economic Review
Volume
volume36
Issue
issue4
Publisher
岡山大学経済学会
Publisher Alternative
The Economic Association of Okayama University
Start Page
69
End Page
84
ISSN
0386-3069
NCID
AN00032897
Content Type
Journal Article
Related Url
http://www.e.okayama-u.ac.jp/~shiryou/gakkaishi.htm
language
日本語
File Version
publisher
Refereed
True
Eprints Journal Name
oer