The shock therapy model of transition
by John Marangos
International Journal of Economic Policy in Emerging Economies (IJEPEE), Vol. 1, No. 1, 2007

Abstract: The aim of this paper is to develop a comprehensive analysis of the shock therapy model of transition. As such the model requires an analysis of what I define as the primary elements: economic analysis, definition of a good society, speed, political structure, ideological structure and initial conditions. Also it is necessary to develop an appropriate mechanism of implementation, what I define as the secondary elements: price liberalisation-stabilisation, privatisation, institutional structure, monetary policy and the financial system, fiscal policy, international trade and foreign aid and social policy. In addition, there was a need for a strategy by which the reform program would be implemented. In the conclusion an assessment of the shock therapy model as a political strategy takes place.

Online publication date: Wed, 31-Oct-2007

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