Economic Transformation and the Future of Capitalism: Lessons Learned from Poland's Success in Economically Turbulent Times

The extraordinary dimension and magnitude of the current global financial and economic crisis has called into question the very nature of capitalism - leading international economists and policymakers alike to contemplate whether the concept of a truly "free market" should be fundamentally altered.

Those who defend capitalism believe that the current economic crisis was caused by the implementation of flawed policies pursued by policymakers. Others, however, believe the current crisis was created by the existing free-market system and now seek to highlight alternative approaches to create a new economic regime for the 21st Century.

As a robust debate over the future of capitalism takes place, it is critical to consider past experiences of countries that went through turbulent economic times, yet systematically transformed their economies. Poland's transition to democracy and a free market economy - which began with significant U.S. support - can provide useful lessons. Twenty years ago, simultaneously confronting a defective economic system and a looming macroeconomic disaster, Poland embarked upon a path of comprehensive and radical eonomic changes, including an unprecedented, large-scale privatization of state-owned assets.

Today, as we reflect on the lessons of Poland's economic transformation in light of that debate over capitalism's relevance to new economic challenges, the World Bank, CSIS, the Institute for International Finance, and the Polish American Freedom Foundation, in association with the Embassy of the Republic of Poland will host a remarkable confernce to examine the current financial and economic crisis through the lens of the Polish economic experience.

The goal of the conference was to identify important lessons to sustain global economic growth with a specific concentration on strategies for transition economies.