Which of the following organization aided the process of transition in Russia, Central Asia, and Eastern Europe from a socialist economy to a capitalist economy?
Answer & explanation
Correct answer: option 3
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 that was aided by the World Bank and International Monetary Fund came to be known as ‘shock therapy'.