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| | Shock therapy (economics) - Wikipedia, the free encyclopedia |
 | | In economics, shock therapy refers to the sudden release of price and currency controls, withdrawal of state subsidies, and immediate trade liberalization within a country. | | | Yegor Gaidar, architect of shock therapy in Russia | | | Prominent economist Jeffrey Sachs was the foremost proponent of shock therapy for several emerging economies. |
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http://www.wikipedia.org/wiki/Shock_therapy_(economics)
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| | Shock therapy - Wikipedia, the free encyclopedia |
| | For use of the term in economics see Shock therapy (economics). | | | Shock therapy is the deliberate and controlled induction of some form of physiological shock in an individual for the purpose of psychiatric treatment. | | | Although once common, with advances in psychiatric drugs shock therapy is now reserved for only severe cases of depression and bipolar disorder that do not respond to talk therapy or drug-based treatment. |
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http://en.wikipedia.org/wiki/Shock_therapy
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| | ZNet Activism Iraq's Next Shock Will be Shock Therapy |
| | Today, there is a broad consensus that shock therapy, at least at the level of microeconomic reforms, failed, and that countries (Hungary, Poland, and Slovenia) that took the gradualist approach to privatization and the reconstruction of institutional infrastructure managed their transitions far better than those that tried to leapfrog into a laissez-faire economy. | | | One choice was shock therapy - quick privatization of state-owned assets and abrupt liberalization of trade, prices, and capital flows - while the other was gradual market liberalization to allow for the rule of law to be established at the same time. | | | Indeed, shock therapy's advocates argue that its failures were due not to excessive speed - too much shock and not enough therapy - but to insufficient shock. |
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http://www.zmag.org/content/print_article.cfm?itemID=5164§ionID=1
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| | American Journal of Economics and Sociology, The: A political economy approach to the neoclassical model of transition - New Perspectives on Transition Economics: Europe |
| | The aim of this paper is to demonstrate that the debate between shock therapy supporters and the gradualist neoclassical economists (1) was immaterial. | | | Incorporating the institutional and political structure into the transition analysis, which is consistent with a political economy approach, further highlights the contradictions of shock therapy and gradualism, reinforcing the inadequacies of neoclassical economic analysis as being politically/institutionally naked. | | | The shock therapy model highlights the interdependent, mutually supportive, and interactive character of economic relationships, implying that reforms should be introduced simultaneously. |
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http://www.findarticles.com/p/articles/mi_m0254/is_1_61/ai_84426601
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| | American Journal of Economics and Sociology, The: A political economy approach to the neoclassical model of transition - New Perspectives on Transition Economics: Europe |
| | Incorporating the institutional and political structure into the transition analysis, which is consistent with a political economy approach, further highlights the contradictions of shock therapy and gradualism, reinforcing the inadequacies of neoclassical economic analysis as being politically/institutionally naked. | | | The shock therapy model highlights the interdependent, mutually supportive, and interactive character of economic relationships, implying that reforms should be introduced simultaneously. | | | The aim of this paper is to demonstrate that the debate between shock therapy supporters and the gradualist neoclassical economists (1) was immaterial. |
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http://www.findarticles.com/p/articles/mi_m0254/is_1_61/ai_84426601
(1395 words)
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| | larouche.interview |
| | What happened in Poland, for example, as shock therapy, is not much different than what happened to Northwest Airlines, which is not yet bankrupt, and to a lot of other airlines, which did go bankrupt. | | | There was a great protest from various people, saying, well, Professor Reich does admittedly write a great deal on economic policy and teach on it, but remember, he's not accredited as a tenured professor where he's teaching, because he has not qualified himself in the requisite academic courses in economics. | | | Britain is destroyed as an economy, and the United States is destroying itself as an economy, all as a result of the same kind of philosophy of economics. |
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http://www.etext.org/Politics/LaRouche/larouche.interview
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| | Senate of Poland Information |
| | A shock therapy (economics)shock therapy program during the early 1990s enabled the country to transform its economy into one of the most robust in Central Europe. | | | Despite the regression in levels of social and economic human rights standards, numerous improvements in other human rights standards occurred (free speech, functioning democracy and the like). | | | The most notable task on the horizon is the preparation of the economy (through continuing deep structural reforms) to allow the Poland to meet the strict economic criteria for entry into the EuroEuropean Single Currency. |
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http://www.echostatic.com/Senate_of_Poland.html
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| | Shock therapy (economics) - Wikipedia, the free encyclopedia |
| | In economics, shock therapy refers to the sudden release of price and currency controls, withdrawal of state subsidies, and immediate trade liberalization within a country. | | | Prominent economist Jeffrey Sachs was the foremost proponent of shock therapy for several emerging economies. | | | What is not in doubt is that sudden changes to economic structure and incentives require changes to behaviour, financial flows and the structure of the economy that are not as rapid as the shocks that initiate them. |
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http://en.wikipedia.org/wiki/Shock_therapy_(economics)
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| | Economics Interactive |
| | Shock therapy can be the best method to stamp out these prejudices. | | | In a singular effort to reverse historian Thomas Carlyle's dismal assessment of economics, I posed the problem to my students of constructing a model of the supply curve for models who might apply for the monthly centerfold position in Playboy magazine, and identifying the assumptions upon which their models were built. | | | Usually labor economics textbooks also summarize the empirical results of various studies which have attempted to measure the rate of return to a college education. |
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http://www.unc.edu/~rbyrns/PrinEcon/GI_2004/04-ResMrkt/GI-13.htm
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| | UCLA International Institute :: Economic Theory and Economic Reform in China: Neo-Classical Economics vs. Neo-Socialist Economics? |
| | Following the assumptions of neo-classical economics, the more or less stringent shock therapy applied to the former Soviet Union and the countries of Eastern Europe where government subsidies were quickly and ruthlessly cut or entirely terminated, prices were liberalized, and firms were privatized should have resulted in overall economic growth. | | | Justin Yifun Lin (Ph.D., University of Chicago, 1986) is the founder and director of the China Center for Economic Research at Peking University www.ccer.pku.edu.cn/ and professor of economics at Hong Kong University of Science and Technology. | | | In a talk entitled Viability, Economic Transition, and Reflections on Neo-classical Economics, Professor Lin, the founder and director of the China Center for Economic Research at Peking University (for a biographical sketch, go to the bottom of this article), focused on the issue of viability. |
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http://www.isop.ucla.edu/article.asp?parentid=3521
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| | UCLA Asia Institute: Economic Theory and Economic Reform in China: Neo-Classical Economics vs. Neo-Socialist Economics? |
| | Following the assumptions of neo-classical economics, the more or less stringent shock therapy applied to the former Soviet Union and the countries of Eastern Europe where government subsidies were quickly and ruthlessly cut or entirely terminated, prices were liberalized, and firms were privatized should have resulted in overall economic growth. | | | Justin Yifun Lin (Ph.D., University of Chicago, 1986) is the founder and director of the China Center for Economic Research at Peking University www.ccer.pku.edu.cn/ and professor of economics at Hong Kong University of Science and Technology. | | | In a talk entitled Viability, Economic Transition, and Reflections on Neo-classical Economics, Professor Lin, the founder and director of the China Center for Economic Research at Peking University (for a biographical sketch, go to the bottom of this article), focused on the issue of viability. |
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http://www.isop.ucla.edu/asia/article.asp?parentid=3521
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| | CV for Arno Mong Daastøl |
| | Shock-Therapy Rent-Seeking or Mercantilist Rent Creation: Transportation, Credit and Raw Materials in the Russian Transformation (3), Exploring the Genesis of Economic Innovations (3), | | | Collective bargaining (economics), Strategies for industrial democracy and creative participation (sociology), Research attitudes (social-anthropology). | | | 2002: Representative of Taxi2000 Corporation in Norway; 2001: Founder and owner of the consultancy company InnoTrans; 2001: Co-founder and co-ordinator of Institute for Creditary Economics, 1998-2000: Prime founder, co-owner, and co-ordinator for Norsk Sportaxi, an former upstart company in innovative urban transport, spokesman with TV-, radio- and newspaper, congresses and business meetings. |
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http://arno.daastol.com/cv/cv.html
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| | Polish Entrepreneurs after the 1989 Roundtable |
| | Balcerowicz’s “shock therapy&; policies had a depth and breadth that both changed behavior and changed the economic reality, enabling Poland to make its giant U-turn from a centrally planned socialist system tied overwhelmingly to the Soviet bloc to a democratic market economy doing most business with the West. | | | As an international economics professor at the Central School of Planning and Statistics in Warsaw (now the Warsaw School of Economics), he had begun weekly seminars in 1978 with other young economists on economic reforms in Poland. | | | They could count on a stable currency, unlike in the previous decade where it lost value steadily, making planning impossible and fueling the attitude that it was better to stand in line for hours to buy what the stores had today — because the zloty would be worth less tomorrow. |
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http://www.aliciapatterson.org/APF1903/Simpson/Simpson.html
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| | Leszek Balcerowicz at the National Press Club, April 17, 1998 |
| | Widely hailed as "the architect of shock therapy," Professor Balcerowicz designed and executed the radical stabilization and transformation of the Polish economy. | | | Leszek Balcerowicz graduated from the Central School of Planning and Statistics in Warsaw (CSPS, now called the Warsaw School of Economics) where he majored in foreign trade. | | | Before he returned to government, he was a professor at the Warsaw School of Economics and headed the Center for Social and Economic Research (CASE) as well as the program board of the Foundation for Economic Education. |
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http://members.aol.com/Zmudzki/events/Balcerowicz1998-04-17.html
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| | Quarantine the IMF & World Bank |
| | Jeffrey Sachs, one of the creators of "shock therapy" economics in Eastern Europe and Russia, now advocates that impoverished countries repudiate the debts that multilateral institutions and wealthy governments claim. | | | And Paul Krugman, MIT economics professor and New York Times columnist, wrote on August 12 that he was being forced, by the sheer weight of evidence, particularly in Latin America, to re-consider his long-time support for the economic prescriptions of privatization and corporate globalization. | | | Finally, the global economic system is exposed for encouraging large-scale criminal enterprises (and, through derivatives and other arcane financial "instruments," virtual casinos) under the cover of U.S. corporations, banks, and lackadaisical regulatory agencies. |
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http://www.france.attac.org/i2969
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| | Ross Mayfield's Weblog: Colonial Shock Therapy |
| | Shock Therapy was developed by neoclassical economist Jeffery Sachs from his direct experience in Poland in 1990. | | | But economics isn't everything, it came a cost devastating for some, the gap between rich and poor is extreme -- and Estonia had the luxury of fairly developed rule of law, an unwritten security guarantee from NATO and significant free trade. | | | Shock is like Spock: the needs of the many outweigh the needs of the few. |
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http://ross.typepad.com/blog/2004/10/colonial_shock_.html
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| | Chile: the laboratory test |
| | The first phase of shock therapy was reducing the money supply and government spending, which succeeded in cutting inflation to acceptable levels. | | | The Chicago boys were a group of 30 Chileans who had studied economics at the University of Chicago between 1955 and 1963. | | | A Critique of the Chicago School of Economics: |
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http://www.huppi.com/kangaroo/L-chichile.htm
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| | Stanley Fischer: Curriculum Vitae |
| | "The Economics of Deflation," in Shock Therapy or Gradualism, Group of Thirty, Occasional Paper #8, 1981. | | | " Supply Shocks, Wage Stickiness, and Accommodation," Journal of Money, Credit, and Banking, 17, 1, (Jan. 1985), 1-15. | | | "Relative Shocks, Relative Price Variability, and Inflation," Brookings Papers on Economic Activity, 2, 1981, 381-431. |
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http://www.iie.com/fischer/cv.html
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| | Encyclopedia4U - Poland - Encyclopedia Article |
| | A shock therapy program during the early 1990s enabled the country to transform its economy into one of the most robust (according to the criteria of neoliberal economics) in Central Europe, with official unemployment rates at about 20% during the first decade of the 21st century. | | | The Republic of Poland (in Polish Rzeczpospolita Polska) is a country in Central Europe, bordering Germany to the west, the Czech Republic and Slovakia to the south, Ukraine and Belarus to the east, and Lithuania and Russia (via the Kaliningrad Oblast exclave) to its north, as well as the Baltic Sea. | | | Its location and accessible terrain has meant that the land has seen many wars fought over it and its borders have shifted considerably over the centuries. |
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http://www.encyclopedia4u.com/p/poland.html
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| | Amazon.com: The End of Poverty: Economic Possibilities for Our Time: Books: Jeffrey Sachs |
| | Sachs came to fame advising "shock therapy" for moribund economies in the 1980s (with arguably positive results); more recently, as director of Columbia University's Earth Institute, he has made news with a plan to end global "extreme poverty"--which, he says, kills 20,000 people a day--within 20 years. | | | Jeffery Sachs' "The End of Poverty" is three books in one: First, it is an exploration of the world, focusing on economics but surveying wide array of topics regarding international relations and politics, and offers a portrait of the planet today. | | | His history of the world economy from time immemorial to the present is pedestrian and hardly innovative (it owes much to David Landes' superior "The Wealth and Poverty of Nations". |
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http://www.amazon.com/exec/obidos/tg/detail/-/1594200459?v=glance
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| | Warsaw Voice - Stability and Reform |
| | Balcerowicz, the Warsaw School of Economics professor who served as deputy prime minister and minister of finance in 1989-92, started Poland's market economy with a program known as shock therapy. | | | Balcerowicz now has the opportunity to put his second plan into operation, and this could be another watershed for the Polish economy. | | | Balcerowicz is not popular with those who lost out on the reforms, but the West regards him as the father of Poland's successful transformation. |
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http://www.warsawvoice.pl/archiwum.phtml/3170
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| | Europe/Eurasia - USAID Mission to Poland |
| | Poland wasn’t without its problems, but by 1998, it would be considered the economic engine and corporate capital of the region for several reasons: the early shock therapy that Poles endured, early and continued Western assistance over a decade, and foreign investment, which reached more than $30 billion by 2000. | | | The most renowned executive MBA program in Poland at the Warsaw School of Economics started with assistance of a USAID grant and University of Minnesota technical assistance. | | | Poland’s emergence from Communism over the next several months was so smooth that most of the world did not understand until the cataclysmic fall of the Berlin Wall in November that freedom was echoing throughout Central and Eastern Europe, and a number of countries were transforming themselves. |
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http://www.usaid.gov/pl/close-ou.htm
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| | Amazon.com: The End of Poverty: Economic Possibilities for Our Time: Books: Jeffrey Sachs |
| | Sachs came to fame advising "shock therapy" for moribund economies in the 1980s (with arguably positive results); more recently, as director of Columbia University's Earth Institute, he has made news with a plan to end global "extreme poverty"--which, he says, kills 20,000 people a day--within 20 years. | | | Jeffery Sachs' "The End of Poverty" is three books in one: First, it is an exploration of the world, focusing on economics but surveying wide array of topics regarding international relations and politics, and offers a portrait of the planet today. | | | Sachs is an enthusiastic advocate of the Millenium Development Goals - a UN program to half poverty by 2015 - and of UN secretary general Kofi Annan (whom he calls "the world's finest stayrsman" p. |
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http://www.amazon.com/exec/obidos/tg/detail/-/1594200459?v=glance
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| | Marian L. Tupy on Vaclav Klaus & Europe on National Review Online |
| | The swiftness of Klaus's economic reforms gave birth to the phrase "shock therapy." As prime minister of the Czech Republic, Klaus oversaw the peaceful division of Czechoslovakia and continuation of the Czech economic transformation. | | | During his long and fruitful political career, Klaus has been guided by libertarian principles of limited governance and free-market economics, which he learned from his intellectual heroes, Friedman and Hayek. | | | Klaus introduced some of her reforms in the Czech Republic and the two have become friends and political allies. |
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http://www.nationalreview.com/comment/comment-tupy030303.asp
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| | larouche.program.16 |
| | Russia and the former Soviet Bloc are likewise reeling under IMF ``shock therapy'' economics. | | | In 1992, Africa was hit by the ``Drought of the Century,'' and by the calamitous effects of decades of colonialism and neo-colonialism under the IMF. | | | By adopting these kinds of policies, in food supplies and other crucial economic matters, the West can foster the kind of conditions under which the desirable approach to reunification of Germany can proceed on the basis a majority of Germans on both sides of the Wall desire it should. |
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http://www.etext.org/Politics/LaRouche/larouche.program.16
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| | EconPapers: Will Gradualism Work When Shock Therapy Doesn't? |
| | It turns out that, in general, there is no a priori presumption that gradualism will work when shock therapy does not, because it has conflicting effects in a dynamic general equilibrium. | | | Econpapers is hosted by the Department of Business, Economics, Statistics and Informatics at Örebro University. | | | Extensive numerical simulations of the non-linear model under a wide variety of parameter configurations confirm that the results are robust even for large reforms and even when the economy begins far away from its eventual steady state. |
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http://econpapers.repec.org/paper/cprceprdp/1552.htm
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| | UU World Nov/Dec 2000: Dispatch |
| | For this reason, among several others--including shock therapy economics and burgeoning corruption--their lives have gotten worse in the last few years. | | | Americans have built up some resistance to advertising, but the Poles have no antibodies for our culture of consumption. |
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http://www.uua.org/world/1100dispatch.html
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| | World Bank's Stiglitz: Shock Therapy Failed |
| | Joseph Stiglitz, the World Bank's chief economist, said that after years of so-called shock therapy, the East is worse off than in 1989, at the Annual World Bank Conference on Development Economics, in Paris. | | | While such results have been clear for years, the admission by an institution involved in imposing such policy, is significant. | | | Life expectancies have fallen and for 18 of the 25 countries for which we have data, poverty has increased from 4% to 45% of the population." |
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http://www.aboutsudan.com/issues/debt/shock_therapy_failed.htm
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