Mention any two effects of "shock …
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Posted by Amanjot Kaur 5 years ago
- 2 answers
Yogita Ingle 5 years ago
Shock Therapy was a process of transformation of an authoritarian socialist system to a democratic capitalist system.
1. The transition was inspired by the World Bank and International Monetary fund in Russia, central Asia, and Eastern Europe.
2. The therapy was a sudden change that transformed the state-controlled economy into a free market economy.
The consequences of the Shock therapy were:
1. In Russia, the state-controlled industrial sector lost 90% of its industries. The industries were sold to private individuals and companies.
2. Restructuring of industries took place on a large scale. Hence, industries were undervalued and sold at a minimum rate.
3. The value of Russian currency declined and hence the economy of Russia too declined.
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Amanjot Kaur 5 years ago
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