To:
From: Jeffrey Epstein
Sent Sun 4/13/2014 5:44:18 PM
Poland has been cited as an example of the successful use of shock therapy. When democracy
came to this central European nation, the government took Sachs' advice and immediately
withdrew regulations, price controls and subsidies to state-owned industries. However with
respect to the privatization of the state sector (which may or may not be considered as pan of
shock therapy depending on the definition being used) the change was much more gradualist.
Whereas many economic factors were immediately applied, privatization of state-owned
enterprises was delayed until society could safely handle the divestiture, as contrasted with the
'robber baron' state of affairs in Russia.
Productivity increased although at the same time unemployment rates rose as well. As of 2008,
the GNP was 77% higher than in 1989.141 Moreover, inequality in Poland actually decreased right
after the economic reforms were implemented, although it rose back up again in later years7'
Today, although Poland is confronted with a variety of economic problems such as double-digit
unemployment, it still has a higher GDP than during communist times, and a gradually developing
economy.1,191Poland was converging towards the EU as regards the income level in 1993-2004.4~9l
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