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.