Privatization as a restructuring device: Can it substitute for industrial policy in the transforming economics? Some lessons from Poland

There is a broad consensus that in the long run, privatization offers the best solution to the efficiency problems of state-owned enterprises. However, many observers believe that some form of industrial policy is unavoidable during the transition period in order to stimulate restructuring before privatization has been completed. The main objective of this article is to analyze the compatibility and complementarity between privatization and industrial policy in the context of the systemic transformation in Poland.