Poland: Bulls and Bears

Bulls and Bears

When he was campaigning for President, Lech Walesa promised to give every citizen a slice of the country's wealth. Last week his government took a giant step toward fulfilling that pledge when Prime Minister Jan Krzysztof Bielecki announced that Warsaw will effectively make every one of the country's 27 million adult citizens a shareholder in Poland, Inc.

The unprecedented giveaway plan, which must be approved by parliament, calls for majority shares in 400 state-owned businesses -- accounting for one-fourth of production -- to be turned over to between five and 20 newly created private stock funds co-owned by Poles. Western investment...

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