The Western-inspired policy of privatizing state-owned industries and rapidly converting to a free market economy is known by what name?

Question

Quizplus · Accepted Answer

Shock therapy refers to the sudden release of price and currency controls, withdrawal of state subsidies, and immediate trade liberalization within a country, often coupled with large-scale privatization of previously state-owned assets. This approach was notably applied in the transition economies of Eastern Europe and the former Soviet Union during the early 1990s.

The Western-Inspired Policy of Privatizing State-Owned Industries and Rapidly Converting