Leszek Balcerowicz

Poland's transition programme took effect in 1990, combining price and trade liberalisation with fiscal and monetary restraint. Balcerowicz, finance minister and deputy prime minister, helped drive the rapid move away from central planning. The subsequent output and employment falls were larger than expected. His case is essential for comparing the long-term aims of market reform with its immediate adjustment costs, without treating either as a complete verdict on the other.