The “shock therapy” entailed which of the following?
a. opening up of free trade and foreign investment
b. private ownership and privatisation
c. integration of the second world countries into one economic unit
d. Institutions like World Bank and IMF became irrelevant

a and b

The collapse of communism was followed in most of these countries by a painful process of transition from an authoritarian socialist system to a democratic capitalist system. The model of transition in Russia, Central Asia and east Europe that was influenced by the World Bank and the IMF came to be known as ‘shock therapy’. Each of these countries was required to make a total shift to a capitalist economy, which meant rooting out completely any structures evolved during the Soviet period- collective farming, public ownership of property, state controlled economy etc.