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Leszek Henryk Balcerowicz (pronounced ; born 19 January 1947) is a Polish economist, statesman, and Professor at
Warsaw School of Economics SGH Warsaw School of Economics ( pl, Szkoła Główna Handlowa w Warszawie, ''SGH''National Bank of Poland The Narodowy Bank Polski (; the National Bank of Poland), often abbreviated to NBP, is the central bank of Poland, founded in 1945. It controls the issuing of Poland's currency, the Polish złoty. The bank is headquartered in Warsaw, and has bra ...
(2001–2007) and twice as Deputy Prime Minister of Poland (1989–1991, 1997–2001). In 1989, he became Minister of Finance in Tadeusz Mazowiecki's first non-communist government and led the free-market economic reforms, proponents of which say they have transformed Poland into one of Europe's fastest growing economies, but which critics say were followed by a large increase in unemployment. In 2007, he founded the Civil Development Forum (Forum Obywatelskiego Rozwoju) think-tank and became the chairman of its council.


Biography

In 1970 he graduated with distinction from the Foreign Trade faculty of the Central School of Planning and Statistics in
Warsaw Warsaw ( pl, Warszawa, ), officially the Capital City of Warsaw,, abbreviation: ''m.st. Warszawa'' is the capital and largest city of Poland. The metropolis stands on the River Vistula in east-central Poland, and its population is officiall ...
(currently: SGH Warsaw School of Economics). Balcerowicz received his
MBA A Master of Business Administration (MBA; also Master's in Business Administration) is a postgraduate degree focused on business administration. The core courses in an MBA program cover various areas of business administration such as accounti ...
from St. John's University in New York, in 1974 and doctorate from the Central School of Planning and Statistics in 1975. He was a member of the Polish
communist party A communist party is a political party that seeks to realize the socio-economic goals of communism. The term ''communist party'' was popularized by the title of '' The Manifesto of the Communist Party'' (1848) by Karl Marx and Friedrich Engel ...
(
Polish United Workers' Party The Polish United Workers' Party ( pl, Polska Zjednoczona Partia Robotnicza; ), commonly abbreviated to PZPR, was the communist party which ruled the Polish People's Republic as a one-party state from 1948 to 1989. The PZPR had led two other lega ...
) from 1969 until the declaration of martial law in Poland, in 1981. In the late 1970s he participated in an economic-advisory team associated with the prime minister of
People's Republic of Poland The Polish People's Republic ( pl, Polska Rzeczpospolita Ludowa, PRL) was a country in Central Europe that existed from 1947 to 1989 as the predecessor of the modern Republic of Poland. With a population of approximately 37.9 million ne ...
. In 1978–1980 he worked at the Institute of Marxism-Leninism. Later he became an economics expert in the pro-democracy independent trade union Solidarity (NSZZ "Solidarność"). From 1989 to 1991 and also between 1997 and 2000 he was the Deputy Prime Minister and
Finance Minister A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", ...
of Poland. Between 1995 and 2000 he was the chairman of Freedom Union, a centrist free-market political party. On 22 December 2000 he became the Chairman of the National Bank of Poland. He was also a columnist for ''
Wprost ''Wprost'' (, meaning "Directly") is a Polish-language weekly news magazine published in Poznań, Poland.
'', a Polish news magazine. On 11 November 2005, the President of Poland,
Aleksander Kwaśniewski Aleksander Kwaśniewski (; born 15 November 1954) is a Polish politician and journalist. He served as the President of Poland from 1995 to 2005. He was born in Białogard, and during communist rule, he was active in the Socialist Union of Pol ...
, awarded L. Balcerowicz with the Order of the White Eagle for his "contribution to Poland's economic transformation". In 2006 he was elected member of ''
Galeria Chwały Polskiej Ekonomii The membership in the Polish Economy Hall of Fame ( pl, Galeria Chwały Polskiej Ekonomii) is an award for Polish economists. Idea In 2005 the Polish edition of German business magazine ''Manager Magazin'' established ''Galeria Chwały Pols ...
'', a hall of fame for "outstanding Polish economists". Balcerowicz is a member of the
Commission on Legal Empowerment of the Poor The Commission on Legal Empowerment of the Poor was an independent international organization, hosted by the United Nations Development Programme (UNDP), and established in 2005 as the “first global initiative to focus on the link between exclus ...
, an independent initiative hosted by the
UNDP The United Nations Development Programme (UNDP)french: Programme des Nations unies pour le développement, PNUD is a United Nations agency tasked with helping countries eliminate poverty and achieve sustainable economic growth and human dev ...
and the first global initiative to focus specifically on the link between exclusion, poverty and the law. He is also a member of the influential Washington-based financial advisory body, the
Group of Thirty The Group of Thirty, often abbreviated to G30, is an international body of financiers and academics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sect ...
, and is a board member of renowned Washington, D.C. think-tank the
Peterson Institute The Peterson Institute for International Economics (PIIE), known until 2006 as the Institute for International Economics (IIE), is an American think tank based in Washington, D.C. It was founded by C. Fred Bergsten in 1981 and has been led by ...
. Fellow of
Collegium Invisibile Collegium Invisibile is an academic society founded in 1995 in Warsaw that affiliates outstanding Polish students in the humanities and science with distinguished scholars in accordance with the idea of a liberal education. The association ...
. Since 11 June 2008 Balcerowicz has been a member of the board of Bruegel, the Brussels-based
think tank A think tank, or policy institute, is a research institute that performs research and advocacy concerning topics such as social policy, political strategy, economics, military, technology, and culture. Most think tanks are non-govern ...
on international economics. Since 2007, he has led the Civil Development Forum (Forum Obywatelskiego Rozwoju), a think-tank with a mission of "increasing active support of the society for a wide range of individual freedoms (especially economic freedom), and – what goes with it – for strengthening the rule of law in the country". In 2016 he was appointed as representative of the
Ukrainian President The president of Ukraine ( uk, Президент України, Prezydent Ukrainy) is the head of state of Ukraine. The president represents the nation in international relations, administers the foreign political activity of the state, cond ...
in the
Cabinet of ministers A cabinet is a body of high-ranking state officials, typically consisting of the executive branch's top leaders. Members of a cabinet are usually called cabinet ministers or secretaries. The function of a cabinet varies: in some countrie ...
.


Balcerowicz Plan

The Balcerowicz Plan was a series of reforms, which brought the end to
hyperinflation In economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as t ...
, dismantled inefficient economic structures, and balanced the national budget. The prices of most consumer goods were freed and caps for annual increases established in state-sector employees' wages. Poland's currency, the zloty, was made convertible within the country's borders. This resulted in a substantial increase in prices and had forced state-owned companies while making them economically competitive. This amounted to a two-year shock to the Polish economy. Among other actions included in the plan was the negotiation of a significant reduction (approximately 50%) of the debts inherited from the
Polish People's Republic The Polish People's Republic ( pl, Polska Rzeczpospolita Ludowa, PRL) was a country in Central Europe that existed from 1947 to 1989 as the predecessor of the modern Republic of Poland. With a population of approximately 37.9 million ne ...
. The severity of the reforms was initially controversial and made Balcerowicz an object of criticism by some politicians in Poland. On the other hand, many economists and experts such as Krzysztof Sobczak,
Jeffrey Sachs Jeffrey David Sachs () (born 5 November 1954) is an American economist, academic, public policy analyst, and former director of The Earth Institute at Columbia University, where he holds the title of University Professor. He is known for his work ...
, and
Jacek Rostowski Jan Anthony Vincent-Rostowski, also known as Jacek Rostowski (; born 30 April 1951, London), is a Polish-British economist and politician who served as Minister of Finance and Deputy Prime Minister of the Republic of Poland. He was a candidate ...
agree that without introducing such radical changes, Poland's economic success and steady economic growth would not have been possible. Since 1991, Poland's annual growth rate was one of the highest of all post-Communist economies, while the country has experienced uninterrupted growth for over 28 years – the longest in the world, along Australia. In 1998, he was awarded the Euromoney Finance Minister of the Year Award for his accomplishments as a finance minister.


Criticism

High unemployment remained a problem for some two decades after the implementation of the reforms, leaving certain poverty-stricken regions with structural unemployment.Balcerowicz Plan: 20 Years On
www.warsawvoice.pl
Reducing unprofitability of the state-owned companies required significant layoffs. Even though over 2 million Poles emigrated from Poland since its entry into the EU, until 2010s, the unemployment level remained at 13%. Populist politician
Andrzej Lepper Andrzej Zbigniew Lepper (; 13 June 1954 – 5 August 2011) was a Polish politician, Deputy Prime Minister, Minister of Agriculture, and the leader of Self-Defence of the Republic of Poland political party. He was the Deputy Prime Minister and M ...
, the leader of the populist Self-Defense ''(
Samoobrona Self-Defence of the Republic of Poland ( pl, Samoobrona Rzeczpospolitej Polskiej, SRP) is a nationalist, populist, and agrarian political party and trade union in Poland. Its platform combines left-wing populist economic policies with religious ...
)'' party, created the slogan: "Balcerowicz must go" (''Balcerowicz musi odejść''), echoing the disgruntlement felt by some Poles with Balcerowicz's plan. However, since 2013, the unemployment rate has not exceeded 10% and in 2019 has reached the record low of 3.8%.


The BELLS

During the Eurozone crisis Balcerowicz has been an outspoken supporter for fiscal discipline and has been frequently dubbed the anti-Bernanke for his scorn of distortionary fiscal stimulus. In various articles he has developed a comparison between the fiscally-profligate
PIGS The pig (''Sus domesticus''), often called swine, hog, or domestic pig when distinguishing from other members of the genus '' Sus'', is an omnivorous, domesticated, even-toed, hoofed mammal. It is variously considered a subspecies of ''Sus ...
(
Portugal Portugal, officially the Portuguese Republic ( pt, República Portuguesa, links=yes ), is a country whose mainland is located on the Iberian Peninsula of Southwestern Europe, and whose territory also includes the Atlantic archipelagos of th ...
,
Italy Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical ...
,
Greece Greece,, or , romanized: ', officially the Hellenic Republic, is a country in Southeast Europe. It is situated on the southern tip of the Balkans, and is located at the crossroads of Europe, Asia, and Africa. Greece shares land borders wi ...
and
Spain , image_flag = Bandera de España.svg , image_coat = Escudo de España (mazonado).svg , national_motto = '' Plus ultra'' (Latin)(English: "Further Beyond") , national_anthem = (English: "Royal March") , ...
) and the fiscally-disciplined BELLs (
Bulgaria Bulgaria (; bg, България, Bǎlgariya), officially the Republic of Bulgaria,, ) is a country in Southeast Europe. It is situated on the eastern flank of the Balkans, and is bordered by Romania to the north, Serbia and North Macedo ...
,
Estonia Estonia, formally the Republic of Estonia, is a country by the Baltic Sea in Northern Europe. It is bordered to the north by the Gulf of Finland across from Finland, to the west by the sea across from Sweden, to the south by Latvia, an ...
,
Latvia Latvia ( or ; lv, Latvija ; ltg, Latveja; liv, Leţmō), officially the Republic of Latvia ( lv, Latvijas Republika, links=no, ltg, Latvejas Republika, links=no, liv, Leţmō Vabāmō, links=no), is a country in the Baltic region of ...
and
Lithuania Lithuania (; lt, Lietuva ), officially the Republic of Lithuania ( lt, Lietuvos Respublika, links=no ), is a country in the Baltic region of Europe. It is one of three Baltic states and lies on the eastern shore of the Baltic Sea. Lithuania ...
). Responsible fiscal policy brings about better growth outcomes, claims Leszek Balcerowicz. He has many followers among East European economists, most prominently Simeon Djankov, Deputy prime Minister and Minister of Finance of
Bulgaria Bulgaria (; bg, България, Bǎlgariya), officially the Republic of Bulgaria,, ) is a country in Southeast Europe. It is situated on the eastern flank of the Balkans, and is bordered by Romania to the north, Serbia and North Macedo ...
between 2009 and 2013.


Private life

Balcerowicz was a competitive athlete in his youth. In 1966, he became Poland's youth champion in cross country at the distance of 1500 meters. Since 1977, he has been married to Ewa Balcerowicz, an economist. He has three children.


Honorary doctorates

* 1993
University of Aix-en-Provence Aix-Marseille University (AMU; french: Aix-Marseille Université; formally incorporated as ''Université d'Aix-Marseille'') is a public research university located in the Provence region of southern France. It was founded in 1409 when Louis I ...
,
France * 1994
University of Sussex , mottoeng = Be Still and Know , established = , type = Public research university , endowment = £14.4 million (2020) , budget = £319.6 million (2019–20) , chancellor = Sanjeev Bhaskar , vice_chancellor = Sasha Roseneil , ...
, United Kingdom * 1996
DePaul University DePaul University is a private, Catholic research university in Chicago, Illinois. Founded by the Vincentians in 1898, the university takes its name from the 17th-century French priest Saint Vincent de Paul. In 1998, it became the largest Ca ...
, United States * 1998: **
University of Szczecin The University of Szczecin ( pl, Uniwersytet Szczeciński) is a public university in Szczecin, western Poland. It is the biggest university in West Pomerania, with 33,267 students and a staff of nearly 1,200. It consists of 9 faculties: # Facul ...
, Poland **
Nicolaus Copernicus University in Toruń Nicolaus Copernicus University in Toruń or NCU ( pl, Uniwersytet Mikołaja Kopernika w Toruniu, UMK) is located in Toruń, Poland. It is named after Nicolaus Copernicus, who was born in Toruń in 1473. Poland **
Staffordshire University , mottoeng = Dare to know , type = Public , endowment = £70 million (2015) , administrative_staff = 1,375 , chancellor = Francis Fitzherbert, 15th Baron Stafford , vice_chancellor = Professor Martin Jones , ...
, United Kingdom **
Abertay University , mottoeng = "Blessed is the one who finds wisdom." , established = 1994 – granted University Status 1888 – Dundee Institute of Technology , type = Public , chancellor = Alice Brown , principal = Liz Bacon , head_label = Chair of C ...
, United Kingdom * 1999
University of Economics in Bratislava The University of Economics in Bratislava ( sk, Ekonomická univerzita v Bratislave) is the oldest university of economics in Slovakia. History The university was established in 1940 as a private university under the name Vysoká obchodná škol ...
, Slovakia * 2001
Viadrina European University European University Viadrina Frankfurt (Oder) (german: Europa-Universität Viadrina Frankfurt (Oder)) is a university located at Frankfurt (Oder) in Brandenburg, Germany. It is also known as the University of Frankfurt (Oder). The city is on th ...
, Germany * 2002: ** University of the Pacific, Peru ** University of Iaşi,Professor Balcerowicz – doctor honoris causa of the University of Economics in Katowice
NBP
Romania * 2004 University of Duisburg, Germany * 2006: **
University of Economics in Katowice University of Economics in Katowice (former Karol Adamiecki Academy of Economics in Katowice) is a public higher education institution in Katowice, Poland. History The University of Economics in Katowice was founded in December 1936 (by t ...
, Poland **
Poznań University of Economics Poznań () is a city on the River Warta in west-central Poland, within the Greater Poland region. The city is an important cultural and business centre, and one of Poland's most populous regions with many regional customs such as Saint John ...
, Poland ** Wrocław University of Economics, Poland ** University of Gdańsk, Poland * 2007
Warsaw School of Economics SGH Warsaw School of Economics ( pl, Szkoła Główna Handlowa w Warszawie, ''SGH'' Poland * 2008: **
University of Warsaw The University of Warsaw ( pl, Uniwersytet Warszawski, la, Universitas Varsoviensis) is a public university in Warsaw, Poland. Established in 1816, it is the largest institution of higher learning in the country offering 37 different fields of ...
, Poland **
University of New South Wales The University of New South Wales (UNSW), also known as UNSW Sydney, is a public research university based in Sydney, New South Wales, Australia. It is one of the founding members of Group of Eight, a coalition of Australian research-intensiv ...
, Australia * 2009 Babeş-Bolyai University Romania * 2011
Central Connecticut State University Central Connecticut State University (Central Connecticut, CCSU, Central Connecticut State, or informally Central) is a public university in New Britain, Connecticut, United States. Founded in 1849 as the State Normal School, CCSU is Connecticut ...
United States * 2015 Universidad Francisco Marroquín Guatemala


Selected publications

*''Socialism, Capitalism, Transformation'', Central European University Press, Budapest, 1995 *''Wolność i rozwój: ekonomia wolnego rynku'', Znak, Kraków, 1995 *''Post-Communist Transition: Some Lessons'', Institute of Economic Affairs, London, 2002 *''Towards a Limited State'', World Bank, 2003 *''Institutional Systems and Economic Growth, in: Challenges of Globalization. Imbalances and Growth'', edited by Anders Åslund and Marek Dąbrowski, Peterson Institutute for International Economics, p. 153–199, Washington, DC, 2008 *''Zagadki wzrostu gospodarczego'' (Puzzles of Economic Growth), Leszek Balcerowicz, Andrzej Rzońca, C.H. Beck Sp. z o.o., Warsaw, 2010 *''Odkrywając wolność. Przeciw zniewoleniu umysłów'', Leszek Balcerowicz, ZYSK i S-KA Wydawnictwo, 2012 *''Wzrost gospodarczy w Unii Europejskiej'' (Economic Growth in the European Union), Lisbon Council e-book, Leszek Balcerowicz (main author), A. Rzońca, L. Kalina, A. Łaszek, 2013 *''Trzeba się bić. Opowieść biograficzna'', Leszek Balcerowicz, Marta Stremecka, Wydawnictwo Czerwone i Czarne, Warsaw, 2014 *''Euro Imbalances and Adjustment: A Comperative Analysis'', The Cato Journal, nr 3, 2014


See also

*
Yegor Gaidar Yegor Timurovich Gaidar (russian: link=no, Его́р Тиму́рович Гайда́р; ; 19 March 1956 – 16 December 2009) was a Soviet and Russian economist, politician, and author, and was the Acting Prime Minister of Russia from 15 Ju ...
– architect of the post-Soviet economic reforms in Russia. *
Economy of Poland The economy of Poland is an industrialized, mixed economy with a developed market that serves as the sixth-largest in the European Union by nominal GDP and fifth-largest by GDP (PPP). Poland boasts extensive public services characteristic of ...
*
List of Poles This is a partial list of notable Polish or Polish-speaking or -writing people. People of partial Polish heritage have their respective ancestries credited. Science Physics * Czesław Białobrzeski * Andrzej Buras * Georges Charpa ...


References


External links


Leszek Balcerowicz at CSA Celebrity Speakers

Leszek Balcerowicz's Official Website





Leszek Balcerowicz's op/ed commentaries for Project Syndicate
* {{DEFAULTSORT:Balcerowicz, Leszek 1947 births Living people People from Lipno, Lipno County Deputy Prime Ministers of Poland Finance Ministers of Poland Governors of the National Bank of Poland Group of Thirty 20th-century Polish economists Polish United Workers' Party members Recipients of the Order of the Cross of Terra Mariana, 2nd Class Polish expatriates in Ukraine SGH Warsaw School of Economics alumni SGH Warsaw School of Economics faculty Bruegel (think tank) people 21st-century Polish economists Member of the Mont Pelerin Society