Poland

Poland is an ancient nation that was conceived near the middle of the 10th century. Its golden age occurred in the 16th century. During the following century, the strengthening of the gentry and internal disorders weakened the nation. In a series of agreements between 1772 and 1795, Russia, Prussia, and Austria partitioned Poland amongst themselves. Poland regained its independence in 1918 only to be overrun by Germany and the Soviet Union in World War II. It became a Soviet satellite state following the war, but its government was comparatively tolerant and progressive. Labor turmoil in 1980 led to the formation of the independent trade union "Solidarity" that over time became a political force and by 1990 had swept parliamentary elections and the presidency. A "shock therapy" program during the early 1990s enabled the country to transform its economy into one of the most robust in Central Europe, but Poland still faces the lingering challenges of high unemployment, underdeveloped and dilapidated infrastructure, and a poor rural underclass. Solidarity suffered a major defeat in the 2001 parliamentary elections when it failed to elect a single deputy to the lower house of Parliament, and the new leaders of the Solidarity Trade Union subsequently pledged to reduce the Trade Union's political role. Poland joined NATO in 1999 and the European Union in 2004. With its transformation to a democratic, market-oriented country largely completed, Poland is an increasingly active member of Euro-Atlantic organizations.

Economical characteristics

 * Currency: Złoty (ISO code: PLN)
 * Central bank discount rate: 5% (31 December 2008)
 * Commercial banks lending rate: NA% (31 December 2008)
 * Stock of money (M1): $118.2 billion (31 December 2008)
 * Quasi money (with M1 makes M2): $109 billion (31 December 2008)

Notable events:

 * Banking crisis: 1926-1927, June 1931, 1991
 * Hyperinflation: 1919-1923, 1990
 * Years in inflation: 18.5% (share of years 1918-2009 with annual inflation above 20 per cent per annum)
 * Public default: 1936-1937, 1940-1952, 1981-1994 (external)

Links

 * Poland on Wikipedia
 * Central bank of Poland
 * Country profile (pdf) from the Enterprise Studies page (part of the The World Bank Group)
 * Studies from the Library of Congress (1986-1998)
 * BBC country profile
 * The Czech Crisis: Part I: The Eastern European Roots by Leonard P. Liggio, September 1969
 * Leszek Balcerowicz: The Anti-Bernanke by Matthew Kaminski, December 2012 (about Poland's reforms)
 * Time Machine Poland by Gary Dudney, February 2014