Read the passage and answer the question:
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 eastern Europe came to be known as ‘shock therapy'. Shock therapy varied in intensity and speed amongst the former second-world countries, but its direction and features were quite similar.
In relation to the shock therapy, what was called 'the largest garage sale in history'?
Answer & explanation
Correct answer: option 2
The correct answer is Option 2 - The selling of valuable industries of Russia.
In Russia, the large state-controlled industrial complex almost collapsed, as about 90 percent of its industries were put up for sale to private individuals and companies. Since the restructuring was carried out through market forces and not by government-directed industrial policies, it led to the virtual disappearance of entire industries. This was called ‘the largest garage sale in history’, as valuable industries were undervalued and sold at throwaway prices.