Monetary Stabilization from the Perspective of Ordoliberal Theory: Poland between the Wars and during the Transition Period

Abstract In the economic history of twentieth-century Poland, two periods merit particular comparison: the interwar years and the time of systemic transformation. In 1918 and 1989, the Polish economy faced the formidable challenge of constructing a competitive economic order. Despite the temporal distance and substantial differences separating these two turbulent historical episodes, they share a common feature – strong destabilizing tendencies in the monetary sphere. The article aims to compare these two periods through the lens of the ordoliberal principle of stable money. Ordoliberalism regards this principle as necessary for establishing and maintaining a competitive economic order. The article employs a comparative analytical method, drawing on an institutional approach and the theoretical framework of the ordoliberal competitive order. The analysis reveals that in both cases, monetary policy played a fundamental role in overcoming inflationary crises and restoring confidence in the state and the market. In both periods, efforts were made to ensure financial stability through the institutional establishment of independent central banks. Despite elements aligned with ordoliberal thinking, both cases lacked the complete embedding of monetary policy within a long-term, normative vision of economic order.