Shock Therapy and its Consequences in Transition Economies

John Marangos

Development, 2005, vol. 48, issue 2, 70-78

Abstract: As a contribution the Dialogue section of Development critiques of mainstream economics John Marangos looks at how shock therapies applied to transition economies in Central, Eastern Europe and the former Soviet Union were economic experiments that went disastrously wrong. They produced suffering, low growth, inflation, unemployment, corruption and crime. He suggests that there were economic, political and ideological reasons for this as the same class that controlled affairs under Stalinism were joined by the multinational capitalist class in the promotion of a ‘free’ world of a globalized economy with very few benefits to the majority of those bearing the ‘shocks’. Development (2005) 48, 70–78. doi:10.1057/palgrave.development.1100136

Date: 2005
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.palgrave-journals.com/development/journal/v48/n2/pdf/1100136a.pdf Link to full text PDF (application/pdf)
http://www.palgrave-journals.com/development/journal/v48/n2/full/1100136a.html Link to full text HTML (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:develp:v:48:y:2005:i:2:p:70-78

Ordering information: This journal article can be ordered from
http://www.springer. ... es/journal/41301/PS2

Access Statistics for this article

Development is currently edited by Stefano Prato

More articles in Development from Palgrave Macmillan, Society for International Deveopment Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().