Gradual Shock Therapy
Gradual Shock Therapy

Summary/Abstract: The reaction of the economics profession to the fall of communism reveals some of its theoretical preferences. Though there are substantial differences among the practitioners of the post-Communist transformation economics, the leading policy approach, though perhaps not any longer quite the mainstream, is the one that advocates price stabilization. through so-called shock therapy and institutional transformation through something called a big-bang. The public accepts this mainly on the authority of the profession but often without understanding either the assumptions or the reasons on which this approach is founded. [...]

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