An Outline of the History of Financial Self‑help in Poland until the End of the 20th Century

Abstract

The text presents a historical outline of the development of various forms of the idea of financial self‑help in Poland over 450 years. The history of modern credit cooperatives dates back to the 19th century, when Schulze and Raiffeisen credit cooperatives were established in Germany. These funds were established in Poland and their activities are related to the turbulent history of our country. Currently, there are two types of financial cooperatives: cooperative banks and credit unions, which have common roots dating back to the Middle Ages. However, there are many differences between them regarding the principles of operation. These institutions are important elements of the financial market and knowledge of their origins is necessary to fully understand their essence. The article uses the literature analysis method. The justification for taking up the topic is the society’s scant knowledge of the creation of credit cooperatives.