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The analysis of polish economy based on IS-LM model through last 60 years (from 1950-2010) - Term Paper Example

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Name of Student: of Tutor: The analysis of Polish economy based on the IS-LM model applied for last 60 years (from 1950-2010) Poland is located in central European map, and it borders a host of seven states including Germany and Russia…
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The analysis of polish economy based on IS-LM model through last 60 years (from 1950-2010)
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The analysis of polish economy based on IS-LM model through last 60 years (from 1950-2010)

To understand the economic trend of Poland as a nation, it is vital to revisit the country’s history on a brief note of hoe it came into existence. Poland’s history can be traced back to 840 AD, where Slavic tribes inhabited Polish land. During this period upto around 1080, they experienced a number of challenges and misfortunes, ranging from corruption in their noble ancestral land, to the fear of facing invasion by foreign and neighboring nations. The partition of Poland first began in the 18th century when the Russian State organized invasion of the country in 1764, after they realized the feeble state in which Poland languished. Immediately after taking over Poland, Russia subdivided the country between themselves and their closest ally states. The country’s division took place into three partitions namely, Austria, Prussia and Russia. In the years to come especially between 1946 and 1947 communism took toll in Poland, integrating the country into the Soviet Union as a proxy state (Keynes 30) This meant that Poland joined the league of all countries under the Communist banner and rule. After the World War I and World War II in which Poland was involved in, parliamentary elections took place in 1947 and the Communist Social Party garnered over 85% of the votes hence, taking rule over Poland making it a Communist State. In regards to business and economy, IS-LM Structures, is a model, which helps in assessing sales revenue, with the help of a microeconomic data. This is possible through the testing of statistical data against the revenue, through the IS-LM model projected data that shows the sequence and time of the microeconomic data. The IS symbolizes the Income Spending whereas, LM symbolizes the Lending and Money supply. The IS-LM structure was introduced by Sir John Hicks, and has been vital in the wake of elaborating major economic terms in the Keynesian Microeconomics dating back in 1937 (Hicks 155) The IS-LM structure involves two economic graphs converging, one denotes income and savings and the other graph denotes the supply and demand of money. The vital variables in this model are the interest and income. According to Scholars like Mark Hayes in his book, The Economics of Keynes, income is a dependant variable, which is influenced by Intrest, which is the independent variable. In the LM curve, interest rate is the one influenced by income, which is now the independent variable. Despite this explanation, Hayes argues that, according to proposed variables by Keynes, most economist experts lose bearing in the IS-LM model. He states that, liquidity, consumption and income are the independent variables (Keynes 32) In the wake of 1970s, Poland underwent a serious negative change economically, when their highly priced economy base fell on the decline to its worst. Part of the problems included, unfavorable weather and economic targets, which had not been met. The prices of commodities rose up and out of control for people of the middle class level and lower class to afford. With the harsh economic times, many people turned to rioting as their cause of action, a move that did not go down well with the government, forcing them to result in drastic measures by taking matters in their own capacity (Hicks 149) The government declared a one-week state of emergency following the distorted economic state in the country. These helped in curbing the ongoing riots, but it was of no use since, many ... Read More
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