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Preface
Anyonewhohaseverstudiedaworkofartknowsthefeelingotheimpressionitmakes
variesdependingonhowfarorhowclosetheviewerisstanding.Ifyoustandtoofar
away,whatyouseemayseemstrange,butifyouwalkuptooclose,youcannotgrasp
theentirework.Thesameappliestosocioeconomicinstitutionsoifyoustandtooclose
orareapartofthem,youmaymisstheirbeautyandsignificance.
ManyparticipantsinPoland’scapitalmarketsareparticularlyinterestedin
fine-tuningthemarket.However,whenyoufocusonthedetails,youmissthebigger
picture.Onceyoutakeastepback,youwillseeasuccessstory.Thereasonwhythe
capitalmarketemergedthirtyyearsagowasbecausewewerecertainthatwewould
andcouldhaveafully-fledgedmarketeconomy.Acapitalmarketwasestablished
inacountrywithliterallynocapital,bypeoplewhoknewbrokerageandexchange
operationsonlyfromhearsay,andyetitachievedsuccess.IttookPolandonlyfour
yearstoearnthestatusofanemergingmarket,butitwasnotuntil2008thatPoland
waspromotedto“AdvancedEmerging”.Thefinalachievementwastherecognitionof
PolandasadevelopedmarketbyFTSERussellin2018.Those27yearsmayseemalot
forsomepeople,butoneshouldbearinmindthatthesamejourneytookSouth
Koreatwiceaslong–55years.
ThosewholookatPoland’scapitalmarketfromayetgreaterdistanceseeasuc-
cessstory.Othermarkets,eastandwest,northandsouth,areallimpressedbyour
achievements.Manyofoursolutionshavebeenadopted.ItistellingthatwhenAlison
HarwoodandTanyaKonidarisdiscussedGPWNewConnectintheirWorldBank
reportonSMEexchanges,theychosetoincludeaninfoboxwiththeresounding
headingo“WhatMakesWSENewConnectSuccessful?”(p.29).
ThedevelopmentofPoland’scapitalmarketisindeedasuccessstory,buttheroots
ofthissuccesshavebarelybeeninvestigated.ThisiswhyIwasveryhappytoread
Dr.GrzegorzBednarczyk’sRebirthofPoland’sCapitalMarket.Itisthefirstattemptat
acomprehensiveaccountoftheearlyyearsofthere-activationofPoland’scapital
marketfromahistoricalperspective.TheemergenceoftheWarsawStockExchange
and,morebroadly,ofcapitalmarketinstitutionsinourcountryhaspreviously
beenexaminedmainlyfromtheviewpointoflegalsolutionsandeconomicimpacts.
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