Consequences of Shock Therapy
What were the consequences of shock therapy class 12?
The consequences of shock therapy were as follows:
- The shock therapy really messed up the economies and made life really hard for people in the whole area.
- In Russia, the value of their money, called the ruble, dropped a lot. People lost all the money they saved because prices went up really fast.
- The government stopped giving help to people, which made a lot of them really poor. The middle class people became less important in society.
- They didn’t focus as much on making democratic ways of doing things as they did on fixing the economy.
- Around 2000, things started to get better for most of these countries, especially Russia. They started selling a lot of natural stuff like oil and gas, which helped their economies grow again.
Which one of the consequences is related to shock therapy?
Valuable industries were undervalued and were sold at throwaway prices. This came to be known as “the largest garage sale in history”. The value of the Russian currency, ruble declined considerably. People lost all their savings because of high rate of inflation.
Are these notes good enough to prepare for exams?
Yes, these notes are specially curated by an expert team at w3wiki for all the students and are good enough for their exam preparation.
In which chapter of class 12 is shock therapy?
Chapter 2 of Class 12 Political Science contains the topic of Shock Therapy.
What is shock therapy class 12 political?
Countries by a painful process of transition from an authoritarian socialist system to democratic capitalist system. The model of transition in Russia, Central Asia and east Europe that was influenced by the World Bank and the IMF came to be known as ‘Shock Therapy’.
Consequences of Shock Therapy| Class 12 Political Science Notes
In this article, we will delve deep into the topic of “Consequences of Shock Therapy” from Chapter 1 of the NCERT Class 12 Political Science book. These notes are specially curated by an expert team at w3wiki for all the students.