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© 2012 Pearson Education, Inc. Publishing as Prentice Hall

shock therapy  The approach to transition from socialism to market capitalism that advocates rapid deregulation of prices, liberalization of trade, and privatization.  

The Transition to a Market Economy

Six Basic Requirements for Successful Transition

External Assistance

Very few believe that the transition to a market system can be achieved without outside support and some outside financing.

Shock Therapy or Gradualism?

Advocates of a gradualist approach believe the best course is to build up market institutions first, gradually decontrol prices, and privatize only the most efficient government enterprises first.

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