By Batara Simatupang
With a view to comprehend the dramatic occasions of 1989 it is crucial to ascertain the conditions major as much as them. The Polish monetary Crisis examines the first issue. the writer analyses how the serious recession of the overdue Nineteen Seventies and early Eighties intensified the necessity for monetary reform and led to the commercial hunch of the Nineteen Eighties. Batara Simatupang concentrates at the results of this era at the Polish people who proved to be a big pre-condition for the revolution of 1989 and encouraged occasions in japanese Europe as an entire
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Extra info for The Polish Economic Crisis: Background, Circumstances and Causes
Sample text
On the whole the investment programme in the 1970s was not oriented towards export markets and there was no close correlation between the use of Western credits for productive investment and the expansion of production capacity whose output could be used to boost hard currency exports and serve the rising burden of the credits. The newly created or modernized production capacity was largely oriented towards the production of products for the domestic market. With the falling rate of economic growth during the second half of the 1970s and the failure of the government to curb the growth in domestic consumption effectively, domestic markets absorbed a greater portion of the potentially exportable products.
Miiller 1985: 166). This was made possible by the rapid growth of imports of machinery and equipment from the West, financed largely by credits. Despite the reallocation of industrial investment favouring the development of consumer goods industries in 1972-4, the share of the so-called ‘B’ industries in total industrial output by 1975 was less than in 1970 (A. Miller 1985: 165-7). From 1974 industrial investment policy was reversed, with investment being allocated increasingly to the expansion of industrial branches producing producer goods (Raport 1981: 82).
On the other hand the ratio of soft currency imports to final products fell slightly during this period (B. Wojciechowski 1982: 4). Western imports were cut at an increasing rate from 1977, whilst the growth of soft currency imports was sustained at a relatively high rate during the second half of the 1970s. 2 per cent in 1981-2. 5 per cent in 1976-80. 8 per cent annually in 1981-2. Western imports fluctuated sharply and erratically causing great economic losses. a. in 1971-5, coinciding with Gierek’s investment leap.