List of issues

Contents of issue 1-2/2011


Anna Jarosz-Nojszewska - Gospodarka Narodowa - Gospodarka Planowa - Gospodarka Narodowa, abstract, article

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Marek Lubiński - The Future of the Stability and Growth Pact, abstract, article

Paweł Gajewski - The Fiscal Reform Experience of the Early Days of the Economic and Monetary Union, abstract, article

Elżbieta Duliniec - Early Internationalizing Firms: Discussion of Terminology, abstract, article

Łukasz Jabłoński - Human Capital in Selected Models of Economic Growth, abstract, article

Leszek Michalczyk - The Employment of Disabled Workers in Poland’s Małopolska Province, abstract, article


Book Review: Jakub Górka, Konkurencyjność form pieniądza i instrumentów płatniczych (The Competitiveness of Various Forms of Money and Payment Instruments), CeDeWu, Warsaw 2009, 208 pp. - reviewed by Wiesław Szczęsny

Book Review: Marian Noga, Magdalena Kinga Stawicka (eds.), Ponadnarodowa i narodowa polityka monetarna na świecie (Supranational and National Monetary Policies Worldwide), CeDeWu, Warsaw 2009, 174 pp. - reviewed by Marek Lubiński

Book Review: Kazimierz Kuciński (ed.), Przedsięborczość a rozwój regionalny w Polsce (Entrepreneurship and Regional Development in Poland), Difin, Warsaw 2010, 262 pp. - reviewed by Maciej Grubała, Barbara Szmyt


Development Problems in a Post-Crisis Economy - Tadeusz Smuga

Anna Jarosz-Nojszewska - Gospodarka Narodowa - Gospodarka Planowa - Gospodarka Narodowa

The article examines the origins of Gospodarka Narodowa and the magazine’s evolution from 1931 to 2011. The author analyzes press reports and archival materials to trace the publication’s history over the past 80 years.
Gospodarka Narodowawas started in 1931 as an initiative by economist Czesław Bobrowski. The magazine was initially published every two weeks. It quickly became one of the most influential economic periodicals in Poland in the period between World War I and II. At the time, Gospodarka Narodowa focused on general economic topics and was run by a team of young editors who targeted a mostly young audience. One of the magazine’s characteristic features was its considerable independence and an apolitical approach. The magazine brought together a number of up-and-coming Warsaw economists, who set up a prestigious organization known as the National Economic Club. In the postwar period, Bobrowski, who was chairman of the no-longer-existing Central Planning Office (CUP), came up with the idea of reviving the magazine. The new biweekly publication, renamed Gospodarka Planowa, initially followed up on what its predecessor did in terms of form and content, however it was controlled by the Central Planning Office. In the late 1940s, the magazine found itself completely dependent on the decision makers at the time and became a mouthpiece and propaganda tool of the country’s communist authorities. As a result of political changes in Poland in 1956, Gospodarka Planowa was transformed into a scientific and economic monthly whose contributors included top Polish economists at the time. In 1990, the magazine reverted to its original title. Today Gospodarka Narodowa is one of the most highly rated Polish magazines dealing with economic issues.

Keywords: Gospodarka Narodowa, Gospodarka Planowa, economic magazine, biweekly, Central Planning Office
Article: PDF

Marek Lubiński - The Future of the Stability and Growth Pact

The article focuses on the European Union’s Stability and Growth Pact in the context of the experience of the latest financial crisis. The starting point for the discussion is a look at the basic assumptions of the Stability and Growth Pact. Subsequently the author evaluates the agreement in the form in which it was adopted before the latest crisis. The article closes with conclusions resulting from the financial crisis for the future of the Stability and Growth Pact.
The latest crisis has upset the balance in the public finance sector and renewed debate about the Stability and Growth Pact, Lubiński says. According to critics, the Stability and Growth Pact, which was expected to guarantee stability in the eurozone, has largely failed to live up to expectations. The international debate has featured many arguments for and against the Stability and Growth Pact. At the same time, some earlier proposals for changes have been revived and new proposals have been made. The latter are not always realistic for political reasons, according to Lubiński.
The global financial crisis has exposed the weaknesses of the existing system and highlighted the need to strengthen implementation and coordination efforts and take additional preventive and remedial measures, the author says. The crisis has shown that a comprehensive system for resolving crises needs to be developed, according to Lubiński.The proposed measures call for far-reaching modifications that would in practice mean a departure from the Stability and Growth Pact. Some argue that the Stability and Growth Pact is only a slogan and an unrealistic scenario for the European Union—one that could lead to completely different results than those originally assumed.

Keywords: Stability and Growth Pact, financial crisis, economic policy, public finance
Article: PDF

Paweł Gajewski - The Fiscal Reform Experience of the Early Days of the Economic and Monetary Union

The author analyzes the experience of fiscal reforms carried out in the European Union after the adoption of the Maastricht Treaty in 1992. The treaty provides for what are called convergence criteria for countries aspiring to join the eurozone. After the treaty was signed a period of fiscal adjustments began in Europe. In the following years, individual countries pursued different strategies and attained different results in the process.
The article aspires to be a source of information for those seeking to develop an optimal reform strategy for Poland—now that the Polish government has clearly stated that Poland should become part of the euro zone in the future.
Using statistical data, Gajewski discusses how the convergence criteria adopted in the Maastricht Treaty (reference values for the deficit and public debt) influence fiscal policy in terms of the effectiveness of the strategy for adjusting government revenue and expenditure. It turns out that the fiscal convergence criterion could increase the pro-cyclical aspect of fiscal policy in the period directly preceding the launch of the third stage of the Economic and Monetary Union and in the first few years of the system’s functioning, Gajewski says. His research confirms earlier findings that effectively bringing down the deficit below the reference level requires focusing one’s efforts on the expenditure rather than revenue side of the budget. This may be because limiting expenditure calls for more comprehensive reforms covering structural changes and increased effectiveness of available resources. According to Gajewski, countries that have met the fiscal criterion by limiting expenditure generally took longer to meet this criterion and had a higher budget balance on average, during the period of the eurozone’s functioning, than countries that focused their strategies on the revenue side of the budget and stopgap measures.
The author concludesthat the adopted strategy for public finance consolidation had far-reaching consequences for the competitiveness of individual countries and may have been one of the main causes behind the crisis, which hit the eurozone in 2008.

Keywords: eurozone, Stability and Growth Pact, Economic and Monetary Union, fiscal policy, consolidation, reforms
Article: PDF

Elżbieta Duliniec - Early Internationalizing Firms: Discussion of Terminology

The article aims to review and evaluate research reports—mainly publications in English—on businesses referred to as early internationalizing firms, with a special focus on terminology used by various authors with regard to such firms. Duliniec critically reviews several dozen research papers that have been published in this area over the past two decades with the view of identifying the most common terms and definitions of early internationalizing firms.
The process of early and quick internationalization of companies has been increasingly observed in the modern world, according to the author, and its importance in explaining the mechanisms of the firms’ internationalization has been growing. Early internationalizing firms are an important field of research on the internationalization of companies in many countries. In Poland, research in this area has been scarce so far, Duliniec says.
The analysis conducted by the author shows that terminology used in the field is far from uniform, while the definitions and research conclusions are highly diversified.
Three terms are most often used in research reports with regard to the analyzed type of companies: new international ventures, born globals, and early internationalizing firms, the author notes.
Early internationalizing firms are the widest term used in this case, Duliniec says, bringing together the views of various authors.

Keywords: early internationalizing firms, born globals, new international ventures, internationalization of companies, entrepreneurship
Article: PDF

Łukasz Jabłoński - Human Capital in Selected Models of Economic Growth

The article focuses on the influence of human capital on the accumulation of physical capital, technological advancement, the development of the national financial system and income disparities in selected models of economic growth. The author also examines the impact of different stages of economic growth and external effects on the accumulation of human capital.
The discussion is based on neoclassical and endogenous models of economic growth as well as the findings of empirical studies.
The review of economic growth models in terms of the role of human capital shows that the accumulation of this factor of production has a substantial positive influence on the development of the real economy, Jabłoński says. What’s more, the level of economic development has a strong impact on human capital accumulation. As a result, the author concludes, human capital is a driver of economic growth, while economic growth contributes to the development of human capital.

Keywords: economic growth, human capital, neoclassical and endogenous growth models
Article: PDF

Leszek Michalczyk - The Employment of Disabled Workers in Poland’s Małopolska Province

The author discusses the findings of surveys conducted among businesspeople hiring disabled workers in Poland’s southern Małopolska province. The surveys also examine the attitude of private businesses to companies that employ disabled workers and are thus eligible for “Supported Employment Enterprise” status. According to critics, such companies enjoy tax and organizational privileges that contradict the need for equal treatment of all businesses in the marketplace. The preferential treatment of companies hiring disabled workers—regardless of their professional skills, as long as they are officially classified as disabled—is against the logic of equal opportunities, Michalczyk says. Preferential treatment of one group of businesses means discrimination against other groups. The surveys were carried out using methods including literature studies. The sample of respondents was selected taking into account geographic and business criteria. The surveys testify to the prevalence of a negative perception of “Supported Employment Enterprises” in their role as competitors and business partners on the market, Michalczyk concludes. At the same time, the surveys showed that disabled workers are often hired against economic logic, the author notes. “Supported Employment Enterprises” are in fact subsidized by their competitors, Michalczyk says, which is against the principles of a free market economy and the basic purpose of their existence, which is to help disabled people enter or return to the labor market.

Keywords: economic policy, labor market, Małopolska province, supported employment, disabled workers
Article: PDF

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