ON POSSIBILITIES AND TASKS OF ECONOMIC-PO LICY IN OVERCOMING THE TRANSFORMATION RECESSION

The paper deals with the possibilities to form and to use the developm ent-and-stabilization policy able to secure a market equilibrium mutua lly supporting the stabilization of an agreeable rate of economic grow th and employment. It comes out of the finding that to solve the probl em exclusively on the basis of a mere increase of aggregate demand is even much more difficult in a transformation economy than it is under standard market conditions. The decisive sphere of the development-and -stabilization policy impact is seen on the supply side of the economy because it were just the rigid production structures of the post-soci alist countries that became the main reason of the transformation rece ssion. Industrial policy supporting business activities whatever concr ete economic sector is concerned is taken for the most important strat um of the recession. The paper discovers wide space for an active oper ation of the stale in an industrial policy even in the case that it gi ves up a commanding formation and financing of the development program mes. The goals of such an industrial policy are formulated to guarante e a long term development of the economy based upon increase of labour productivity and competitive capability in foreign markets and upon s tructural changes overcoming production of goods with low or just aver age degree of manufacturing which has been characteristic of the econo my orientation up till now. This fact indicates the need to aim the in dustrial policy primarily at the sphere of scientific and technical po licy closely connected with the investment, exporting and education po licy. The industrial policy oriented in this way should support the ac tivities of those enterprise entities that will contribute - by their real results gained in the world market - to the structural adaptation of the economy. The industrial policy conceived in this way should no t disturb but rather complete macroeconomic regulation. It should infl uence creation of the resources needed to maintain a long-term interna l and external balance and to create favourable transformation conditi ons at the same time.