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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 an economy, including liberalization of all prices, privatization, trade liberalization, and stabilization via tight monetary policies and fiscal policies. In the case of Post-communism, post-communist states, it was implemented in order to transition from a planned economy to a market economy. More recently, it has been implemented in Argentina by the administration of Javier Milei. 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 t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral 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 analyses what is viewed as basic elements within economy, economies, 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 analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Subsidies
A subsidy, subvention or government incentive is a type of government expenditure for individuals and households, as well as businesses with the aim of stabilizing the economy. It ensures that individuals and households are viable by having access to essential goods and services while giving businesses the opportunity to stay afloat and/or competitive. Subsidies not only promote long term economic stability but also help governments to respond to economic shocks during a recession or in response to unforeseen shocks, such as the COVID-19 pandemic. Subsidies take various forms— such as direct government expenditures, tax incentives, soft loans, price support, and government provision of goods and services. For instance, the government may distribute direct payment subsidies to individuals and households during an economic downturn in order to help its citizens pay their bills and to stimulate economic activity. Here, subsidies act as an effective financial aid issued when the ec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Liberalism
Economic liberalism is a political and economic ideology that supports a market economy based on individualism and private property in the means of production. Adam Smith is considered one of the primary initial writers on economic liberalism, and his writing is generally regarded as representing the economic expression of 19th-century liberalism up until the Great Depression and rise of Keynesianism in the 20th century. Historically, economic liberalism arose in response to feudalism and mercantilism. Economic liberalism is associated with markets and private ownership of capital assets. Economic liberals tend to oppose government intervention and protectionism in the market economy when it inhibits free trade and competition, but tend to support government intervention where it protects property rights, opens new markets or funds market growth, and resolves market failures. An economy that is managed according to these precepts may be described as a liberal economy or o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jeffrey Sachs
Jeffrey David Sachs ( ; born November 5, 1954) is an American economist and public policy analyst who is a professor at Columbia University, where he was formerly director of The Earth Institute. He worked on the topics of sustainable development and economic development. 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 was 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 Daniel Sánchez de Lozada Sánchez Bustamante (born 1 July 1930), often referred to as Goni, is a Bolivian-American 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 (economics), 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 ... [...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 TV film about Canadian swimmer Victor Davis * ''Victor'' (2009 film), a French comedy * ''Victor'', a 2017 film about Victor Torres by Brandon Dickerson * ''Viktor'' (2014 film), a Franco/Russian film * ''Viktor'' (2024 film), a documentary of a deaf person's perspective during Russian invasion of Ukraine Music * ''Victor'' (Alex Lifeson album), a 1996 album by Alex Lifeson * ''Victor'' (Vic Mensa album), 2023 album by Vic Mensa * "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 corporatio ... [...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 versus nominal value (economics), 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. Effective capital controls and currency substitution ("dollarization") are the orthodox solutions to ending short-term hyperinflation; however, there are significant social and economic costs to these policies. Ineffective implementations of these solutions often exacerbate the situation. Many governments choose to attempt to solve structural issues without resorting to those solutions, with the goal of bringing inflation down slowly while minimizing social costs of further economic shocks; however, this can lead to a prolonged period of high inflation. Unlike low inflation, where the process of rising prices is protracted and not generally noticeab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bolivia
Bolivia, officially the Plurinational State of Bolivia, is a landlocked country located in central South America. The country features diverse geography, including vast Amazonian plains, tropical lowlands, mountains, the Gran Chaco Province, warm valleys, high-altitude Andean plateaus, and snow-capped peaks, encompassing a wide range of climates and biomes across its regions and cities. It includes part of the Pantanal, the largest tropical wetland in the world, along its eastern border. It is bordered by Brazil to the Bolivia-Brazil border, north and east, Paraguay to the southeast, Argentina to the Argentina-Bolivia border, south, Chile to the Bolivia–Chile border, southwest, and Peru to the west. The seat of government is La Paz, which contains the executive, legislative, and electoral branches of government, while the constitutional capital is Sucre, the seat of the judiciary. The largest city and principal industrial center is Santa Cruz de la Sierra, located on the Geog ... [...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 Larry Sjaastad, 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 the military dictatorship of Chile (1973–1990), as economic advisors. Many of them reached the highest positions within those governments. Ronald Reagan and Margaret Thatcher were influenced by Chile's policies and economic reforms. History The term "Chicago Boys" has been used at least as early as the 1980s to describe Latin American economists who studied or identified with the liberal economic theories then taught at the University of Chicago, popularly known as the Chicago school of economics, even thou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Chicago
The University of Chicago (UChicago, Chicago, or UChi) is a Private university, private research university in Chicago, Illinois, United States. Its main campus is in the Hyde Park, Chicago, Hyde Park neighborhood on Chicago's South Side, Chicago, South Side, near the shore of Lake Michigan about from Chicago Loop, the Loop. The university is composed of an College of the University of Chicago, undergraduate college and four graduate divisions: Biological Science, Arts & Humanities, Physical Science, and Social Science, which include various organized departments and institutes. In addition, the university operates eight professional schools in the fields of University of Chicago Booth School of Business, business, Crown Family School of Social Work, Policy, and Practice, social work, University of Chicago Divinity School, divinity, Graham School of Continuing Liberal and Professional Studies, continuing studies, Harris School of Public Policy, public policy, University of Chi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Augusto Pinochet
Augusto José Ramón Pinochet Ugarte (25 November 1915 – 10 December 2006) was a Chilean military officer and politician who was the dictator of Military dictatorship of Chile, Chile from 1973 to 1990. From 1973 to 1981, he was the leader of the Government Junta of Chile (1973), military junta, which in 1974 declared him President of Chile, President of the Republic and thus the dictator of Chile; in 1980, 1980 Chilean constitutional referendum, a referendum approved Chilean Constitution of 1980, a new constitution confirming him in the office, after which he served as ''de jure'' president from 1981 to 1990. His time in office remains the longest of any Chilean ruler.Carlos Huneeus, 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 List of comm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chile Under Pinochet
An authoritarian military dictatorship ruled Chile for seventeen years, between 11 September 1973 and 11 March 1990. The dictatorship was established after the democratically elected socialist government of Salvador Allende was overthrown in a coup d'état backed by the United States on 11 September 1973. During this time, the country was ruled by a military junta headed by General Augusto Pinochet. The military used the breakdown of democracy and the economic crisis that took place during Allende's presidency to justify its seizure of power. The dictatorship presented its mission as a "national reconstruction". The coup was the result of multiple forces, including pressure from conservative groups, certain political parties, union strikes and other domestic unrest, as well as international factors. The regime was characterized by the systematic suppression of political parties and the persecution of dissidents to an extent unprecedented in the history of Chile. Overall, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
