IR Digital Media Team

IR Digital Media Team is a member of Digital Pradesh, a collective of journalists, reporters, writers, editors, lawyers, advocates, professors, and scholars affiliated with the Digital Pradesh.

What were the Consequences of the shock therapy in Russia 1992?

Shock therapy, also known as shock capitalism, was a set of economic policies implemented in Russia in 1992 with the intent of rapidly transitioning the country from a planned economy to a market-based one. The policies, led by Russian President Boris Yeltsin and his team, included measures such as privatizing state-owned industries, liberalizing prices, and cutting government spending. However, the implementation of these policies had severe consequences, including widespread unemployment and economic turmoil.

Read more