Rev. Brian J. Shanley, O.P. President | St. John's University website

One of the architects of Poland’s transition from a socialist economy to free-market capitalism, Dr. Leszek Balcerowicz, delivered a lecture at St. John’s University, recalling the economic challenges faced by Poland in the late 1980s. Dr. Balcerowicz, Deputy Prime Minister and Minister of Finance in Poland’s first post-socialist government, shared insights into the economic reforms that helped shape Poland's economic landscape.

Reflecting on the tumultuous period of transition, Dr. Balcerowicz highlighted the significant impact of the Balcerowicz Plan, which introduced sweeping changes to Poland's economic structure. He emphasized the importance of initiatives such as reducing price controls, privatization, new banking and tax regulations, cultivating foreign investment, and liberalizing international trade. The reforms led to a remarkable turnaround in Poland's economy, with GDP recovering from a seven percent decrease in 1990 to a seven percent gain in 1995.

Dr. Balcerowicz, who played a pivotal role in Poland's economic transformation, noted the challenges faced during the transition, stating, “It was a catastrophic situation.” He highlighted the shortage of candidates for the Minister of Finance position, underscoring the complexities of instituting economic reforms during that period.

Acknowledging the significance of Dr. Balcerowicz's contributions, Dr. Aleksandr V. Gevorkyan, Associate Professor of Economics and Finance, expressed the value of learning from a prominent figure who not only influenced economic policy but also graduated from St. John’s academic program. Dr. Gevorkyan emphasized the lasting impact of the macroeconomic reforms introduced by Dr. Balcerowicz in Poland, which reverberated across the post-socialist region.

Dean Maciek Nowak hailed Dr. Balcerowicz as "St. John’s most famous alumnus in Europe," recognizing his instrumental role in positioning Poland as a leading economy in Eastern Europe. Dr. Balcerowicz's efforts in promoting economic freedom and stability were pivotal in Poland's ascent to become the sixth-largest economy in the European Union.

Looking back on his tenure in government, Dr. Balcerowicz emphasized his commitment to expanding economic freedom and stabilizing the economy. He recalled the challenges faced during the transition period, noting the need for faster progress in certain areas, particularly in the private sector.

Dr. Balcerowicz's legacy extends beyond his government service, as he currently leads the Civil Development Forum, a think tank focused on enhancing global economic freedom. His dedication to economic reform and commitment to promoting a stable and open economy continue to resonate in Poland and beyond.