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Shock Therapy (economics)
In economics, shock therapy is a group of policies intended to be implemented simultaneously in order to liberalize the economy, including liberalization of all prices, privatization, trade liberalization, and stabilization via tight monetary policies and fiscal policies. In the case of post-Communist states, it was implemented in order to transition from a command economy to a market economy. Overview Shock therapy is a program intended to economically liberalize a mixed economy or transition a planned economy or developmentalist economy to a free-market economy through sudden and dramatic neoliberal reform. Shock therapy policies generally include ending price controls, stopping government subsidies, privatizing state-owned industries, and tighter fiscal policies, such as higher tax rates and lowered government spending. In essence, shock therapy policies can be distilled to price liberalization accompanied by strict austerity. The first instance of shock therapy was the ne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on glossary of economics, these elements. Other broad distinctions within economics include those between positive economics, desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Privatizing
Privatization (also privatisation in British English) can mean several different things, most commonly referring to moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation when a heavily regulated private company or industry becomes less regulated. Government functions and services may also be privatised (which may also be known as "franchising" or "out-sourcing"); in this case, private entities are tasked with the implementation of government programs or performance of government services that had previously been the purview of state-run agencies. Some examples include revenue collection, law enforcement, water supply, and prison management. Another definition is that privatization is the sale of a state-owned enterprise or municipally owned corporation to private investors; in this case shares may be traded in the public market for the first time, or for the first time since an enterprise's previous nationaliz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Authoritarian
Authoritarianism is a political system characterized by the rejection of political plurality, the use of strong central power to preserve the political ''status quo'', and reductions in the rule of law, separation of powers, and democratic voting. Political scientists have created many typologies describing variations of authoritarian forms of government. Authoritarian regimes may be either autocratic or oligarchic and may be based upon the rule of a Dominant-party system, party or the Military dictatorship, military. States that have a blurred boundary between democracy and authoritarianism have some times been characterized as "hybrid democracies", "hybrid regimes" or "competitive authoritarian" states. The political scientist Juan Linz, in an influential 1964 work, ''An Authoritarian Regime: Spain'', defined authoritarianism as possessing four qualities: # Limited Pluralism (political philosophy), political pluralism, is realized with constraints on the legislature, Political ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
West Germany
West Germany is the colloquial term used to indicate the Federal Republic of Germany (FRG; german: Bundesrepublik Deutschland , BRD) between its formation on 23 May 1949 and the German reunification through the accession of East Germany on 3 October 1990. During the Cold War, the western portion of Germany and the associated territory of West Berlin were parts of the Western Bloc. West Germany was formed as a political entity during the Allied occupation of Germany after World War II, established from eleven states formed in the three Allied zones of occupation held by the United States, the United Kingdom, and France. The FRG's provisional capital was the city of Bonn, and the Cold War era country is retrospectively designated as the Bonn Republic. At the onset of the Cold War, Europe was divided between the Western and Eastern blocs. Germany was divided into the two countries. Initially, West Germany claimed an exclusive mandate for all of Germany, representing itself as t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jeffrey Sachs
Jeffrey David Sachs () (born 5 November 1954) is an American economist, academic, public policy analyst, and former director of The Earth Institute at Columbia University, where he holds the title of University Professor. He is known for his work on sustainable development, economic development, and the fight to end poverty. Sachs is Director of the Center for Sustainable Development at Columbia University and President of the UN Sustainable Development Solutions Network. He is an SDG Advocate for United Nations (UN) Secretary-General António Guterres on the Sustainable Development Goals (SDGs), a set of 17 global goals adopted at a UN summit meeting in September 2015. From 2001 to 2018, Sachs served as Special Advisor to the UN Secretary General, and held the same position under the previous UN Secretary-General Ban Ki-moon and prior to 2016 a similar advisory position related to the earlier Millennium Development Goals (MDGs), [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gonzalo Sánchez De Lozada
Gonzalo Sánchez de Lozada Sánchez Bustamante (born 1 July 1930), often referred to as Goni, is a Bolivian businessman and politician who served as the 61st president of Bolivia from 1993 to 1997 and from 2002 to 2003. A member of the Revolutionary Nationalist Movement (MNR), he previously served as minister of planning and coordination under Víctor Paz Estenssoro and succeeded him as the MNR's national chief in 1990. As minister of planning, Sánchez de Lozada employed "shock therapy" in 1985 to cut hyperinflation from an estimated 25,000% to a single digit within a period of less than six weeks. Sánchez de Lozada was twice elected president of Bolivia, both times on the MNR ticket. During his first term (1993–1997), he initiated a series of landmark social, economic and constitutional reforms. Elected to a second term in 2002, he struggled with protests and events in October 2003 related to the Bolivian gas conflict. According to official reports, 59 protestors, ten sol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Victor Paz Estenssoro
The name Victor or Viktor may refer to: * Victor (name), including a list of people with the given name, mononym, or surname Arts and entertainment Film * ''Victor'' (1951 film), a French drama film * ''Victor'' (1993 film), a French short film * ''Victor'' (2008 film), a 2008 TV film about Canadian swimmer Victor Davis * ''Victor'' (2009 film), a French comedy * ''Victor'', a 2017 film about Victor Torres by Brandon Dickerson * ''Viktor'' (film), a 2014 Franco/Russian film Music * ''Victor'' (album), a 1996 album by Alex Lifeson * "Victor", a song from the 1979 album ''Eat to the Beat'' by Blondie Businesses * Victor Talking Machine Company, early 20th century American recording company, forerunner of RCA Records * Victor Company of Japan, usually known as JVC, a Japanese electronics corporation originally a subsidiary of the Victor Talking Machine Company ** Victor Entertainment, or JVCKenwood Victor Entertainment, a Japanese record label ** Victor Interactive So ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hyperinflation
In economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as they usually switch to more stable foreign currencies. When measured in stable foreign currencies, prices typically remain stable. Unlike low inflation, where the process of rising prices is protracted and not generally noticeable except by studying past market prices, hyperinflation sees a rapid and continuing increase in nominal prices, the nominal cost of goods, and in the supply of currency. Typically, however, the general price level rises even more rapidly than the money supply as people try ridding themselves of the devaluing currency as quickly as possible. As this happens, the real stock of money (i.e., the amount of circulating money divided by the price level) decreases considerably.Bernholz, Peter 2003, chapter 5.3 Almost all ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bolivia
, image_flag = Bandera de Bolivia (Estado).svg , flag_alt = Horizontal tricolor (red, yellow, and green from top to bottom) with the coat of arms of Bolivia in the center , flag_alt2 = 7 × 7 square patchwork with the (top left to bottom right) diagonals forming colored stripes (green, blue, purple, red, orange, yellow, white, green, blue, purple, red, orange, yellow, from top right to bottom left) , other_symbol = , other_symbol_type = Dual flag: , image_coat = Escudo de Bolivia.svg , national_anthem = " National Anthem of Bolivia" , image_map = BOL orthographic.svg , map_width = 220px , alt_map = , image_map2 = , alt_map2 = , map_caption = , capital = La Paz Sucre , largest_city = , official_languages = Spanish , languages_type = Co-official languages , languages ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago Boys
The Chicago Boys were a group of Chilean economists prominent around the 1970s and 1980s, the majority of whom were educated at the Department of Economics of the University of Chicago under Milton Friedman and Arnold Harberger, or at its affiliate in the economics department at the Pontifical Catholic University of Chile. After they finished their studies and returned to Latin America, they adopted positions in numerous South American governments including, prominently, the military dictatorship of Chile (1973–1990), as economic advisors. Many of them reached the highest positions within those governments. While The Heritage Foundation credits them with transforming Chile into Latin America's best performing economy and one of the world's most business-friendly jurisdictions, critics point to drastic increases in unemployment that can be attributed to counter-inflation policies implemented on their advice. Ronald Reagan and Margaret Thatcher were influenced by Chile's policies a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Chicago
The University of Chicago (UChicago, Chicago, U of C, or UChi) is a private research university in Chicago, Illinois. Its main campus is located in Chicago's Hyde Park neighborhood. The University of Chicago is consistently ranked among the best universities in the world and it is among the most selective in the United States. The university is composed of an undergraduate college and five graduate research divisions, which contain all of the university's graduate programs and interdisciplinary committees. Chicago has eight professional schools: the Law School, the Booth School of Business, the Pritzker School of Medicine, the Crown Family School of Social Work, Policy, and Practice, the Harris School of Public Policy, the Divinity School, the Graham School of Continuing Liberal and Professional Studies, and the Pritzker School of Molecular Engineering. The university has additional campuses and centers in London, Paris, Beijing, Delhi, and Hong Kong, as well as in downtown ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Augusto Pinochet
Augusto José Ramón Pinochet Ugarte (, , , ; 25 November 1915 – 10 December 2006) was a Chilean general who ruled Chile from 1973 to 1990, first as the leader of the Military Junta of Chile from 1973 to 1981, being declared President of the Republic by the junta in 1974 and becoming the ''de facto'' dictator of Chile, and from 1981 to 1990 as ''de jure'' President after a new Constitution, which confirmed him in the office, was approved by a referendum in 1980. His rule remains the longest of any Chilean leader in history. Huneeus, Carlos (2007)Las consecuencias del caso Pinochet en la política chilena Centro de. Estudios de la Realidad Contemporánea. Augusto Pinochet rose through the ranks of the Chilean Army to become General Chief of Staff in early 1972 before being appointed its Commander-in-Chief on 23 August 1973 by President Salvador Allende. On 11 September 1973, Pinochet seized power in Chile in a coup d'état, with the support of the US, Winn, Peter. 2010 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
