What did Shock Therapy in post-communist regimes involve?
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → Private farming
Option (1) Total shift to socialist economy — Incorrect. Shock therapy was the reverse: a total shift to a capitalist economy, rooting out the structures of the Soviet period.
Option (2) Public ownership of property — Incorrect. Under shock therapy, private ownership was to be the dominant pattern of ownership of property.
Option (3) Nationalization of state assets — Incorrect. State assets were to be privatised, not nationalised; they already belonged to the state.
Option (4) Private farming — Correct. Collective farms were to be replaced by private farming and capitalism in agriculture.
NCERT (2025-26): “Shock Therapy in Post-Communist Regimes … 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. Above all, it meant that private ownership was to be the dominant pattern of ownership of property. Privatisation of state assets and corporate ownership patterns were to be immediately brought in. Collective farms were to be replaced by private farming and capitalism in agriculture.” |