Question

highlighting the features of the old system of social welfare that got destroyed due to shock therapy. ​

Answer 1

Answer:

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Explanation:

Features of the old system of social welfare that got destroyed due to shock therapy were as:

The old system of social welfare was systematically destroyed.

Withdrawal of government subsidies led to poverty.

Privatisation led to new disparities.

Answer 2

Features of the old system of social welfare that got destroyed due to shock therapy were as:

(i) The old social welfare system was dismantled systematically.

(i) The loss of "govt subsidies" contributed to hardship.

(iii) Privatisation had brought in new inequalities.

Explanation:

After the USSR disintegration, the paradigm of structural transformation in Central Asia, Russia, & Eastern Europe, inspired by the World Bank & the IMF, is known as "shock therapy" .

Consequences of the Shock Therapy

• The economies in Russia and Eastern Europe were ruined by shock therapy.
• Roughly 90% of enterprises was sold to private individuals & firms in Russia
• Because restructuring was undertaken by the market-drive forces &  not by  the govt's implemented policies , almost all sectors in the region were vanishing. Valuable sectors were neglected & had been priced at low rates.⠀
• Rubles which was Russian currency, its value had decreased considerably. The high inflation rate had contributed to households losing all their savings.
• The collective farms had broken down and people were left without "food security". Russia started importing food. nThe old trade system crashed due to  no alternate solutions available .
• The govt had withdrawn grants/subsidies for different goods &services that had further "pushed" the population into poverty. The mafia started to control Russia's economic activities in such a situation. Privatization led to more people's inequalities
• No priority had been given to developing democracy. The old U.S.S.R. constitutions offer the President specific powers. The President had been dictators in several eastern European nations.
• However, from  the year 2000, the Eastern European & Russian economies started to recover.

To know more

What do you mean by shock therapy? What are it's consequences ...

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