Figure 3

Time perspective of the years since 1989^a .^a Note: Figure 1 presents selected moments in the recent history of Poland. The upper portion of the figure refers to the pension reforms. Blue arrows indicate successful outcomes of the reform process, while the red arrows denote failures (see later in the text). StD – “Security through Diversity” – a blueprint of the pension reform design (see Góra and Rutkowski 1997).