Shock therapy (economic policy)
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As shock therapy economic policies referred to in those states that after the collapse of real socialism of centrally planned economies in the shortest time to market economies were rebuilt, the transition economies . In particular, the term has been used to reorganize the Polish economy since the fall of the Wall. Shock therapy should not be confused with shock strategy , a thesis coined by Naomi Klein , according to which shocks are exploited to implement economic reforms against the will of the majority of the population.
The term was used after the collapse of the Soviet Union in the environment of Minister Anatoli Tschubais and his Western advisors such as B. Jeffrey Sachs used. Public property and central government economy were to be settled as quickly as possible, for example by distributing coupons to the population, whereby shares in businesses could be acquired.
The term is also used in other contexts. For example, some economists saw the financial crisis of 2007 as a political opportunity that the shock caused by the crisis could lead to a rethinking of economic policy and targeted intervention by states in the structure and development of the world economy .
Chile at the time of the military dictatorship
Milton Friedman visited Chile in March 1975 after Arnold Harberger asked him at the invitation of the Banco Hipotecario de Chile . He recommended "shock treatment" to resolve the country's fundamental problems, inflation and economic turmoil. A policy of small steps, on the other hand, runs the risk of the patient dying before treatment takes effect. The politically influential Chicago Boys took the idea of shock therapy and applied it to Chile. In their reforms, they had a lot of leeway thanks to the support of the military junta.
Single receipts
- ↑ Wolfgang Franzen, Hans-Peter Haarland, Hans-Joachim Niessen (eds.): Eastern Europe between euphoria, disappointment and reality: data on system transformation 1990-2003 for sustainable development, 2005, ISBN 3593377004 , p. 19 ff. (Chapter " Shock therapy in Poland ", online )
- ^ Andreas Pickel: Shock therapy as a rational reform strategy? A critique of the theoretical foundations of radical market concepts and a plea for reform graduateism. In: Hans Albert, Kurt Salamun (ed.): Man and society from the perspective of critical rationalism. Amsterdam Atlanta, GA 1993.
- ^ Peter Kalmbach, Michael Schumann : Financial crisis as shock therapy. (PDF; 104 kB) WSI announcements 11 + 12/2008.
- ↑ Genaro Arriagada Herrera: Pinochet: the politics of power. Thematic studies in Latin America. Routledge, London 1988, ISBN 0-04-497062-5 , p. 80.
- ↑ Milton Friedman, Rose D. Friedman: Two Lucky People: Memoirs , University of Chicago Press, 1999, ISBN 0226264157 , pp. 398 f.