Question:medium

Why is 'Shock Therapy' considered a painful process of transition from an authoritarian socialist system to a democratic capitalist system? Explain any three reasons.

Show Hint

To remember why Shock Therapy was a painful failure, think of the acronym S-A-D: Sale of industries (the Largest Garage Sale), Authortarian politics (weak parliaments and strong presidents), and Devastation of savings (hyper-inflation and Ruble collapse).

Updated On: Jul 2, 2026

Show Solution

Solution and Explanation

Was this answer helpful?

0

Top Questions on Economic Reforms

Questions Asked in CBSE Class XII exam

The role of a catalyst is to change _____________ .

CBSE Class XII - 2025
Surface Chemistry

Which of the following statements is true for the function \[ f(x) = \begin{cases} x^2 + 3, & x \neq 0, \\ 1, & x = 0? \end{cases} \]

CBSE Class XII - 2024
Functions

\( \int_a^b f(x) \, dx \) is equal to:

CBSE Class XII - 2024
Functions

Let \( \theta \) be the angle between two unit vectors \( \mathbf{\hat{a}} \) and \( \mathbf{\hat{b}} \) such that \( \sin \theta = \frac{3}{5} \). Then, \( \mathbf{\hat{a}} \cdot \mathbf{\hat{b}} \) is equal to:

CBSE Class XII - 2024
Vector Algebra