A rapid shift to a market economy is referred to as economic __________ and was a disaster in Russia.

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 leading to significant social and economic upheaval. In Russia, the rapid transition from a planned economy to a market-based system using shock therapy in the early 1990s led to severe economic and social difficulties.

A Rapid Shift to a Market Economy Is Referred to as Economic