World Notes Poland

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 houses would run the funds, which would be structured to resemble U.S. mutual funds, for growth and profit. Unlike the American model, which gives managers no direct power over how an individual company is run, the overseers of Poland's new stock funds would be able to restructure promising enterprises and liquidate poor performers.