Shock therapy (economics) “休克療法”

In economics, shock therapy is the sudden release of price and currency controls (economic liberalization), withdrawal of state subsidies, and immediate trade liberalization within a country, usually also including large-scale privatization of previously public-owned assets.

Poland[edit]

Poland has been cited by some^{[according to whom?]} as an example of the successful use of shock therapy, though this is disputed. When economic liberalism came to this nation, the government took Sachs' advice and immediately withdrew regulations, price controls and subsidies to state-owned industries. However, with respect to the privatization of the state sector (which may or may not be considered as part of shock therapy depending on the definition being used) the change was much more gradualist. Whereas many economic factors were immediately applied^{[clarification needed]}, privatization of state-owned enterprises was delayed until society could safely handle the divestiture, as contrasted with the 'robber baron' state of affairs in Russia.

Productivity increased although at the same time unemployment rates rose as well. As of 2008, the GNP was 77% higher than in 1989.^[30] Moreover, inequality in Poland actually decreased right after the economic reforms were implemented, although it rose back up again in later years.^[31][32] Today, although Poland is confronted with a variety of economic problems, it still has a higher GDP than during communist times, and a gradually developing economy.^[33] Poland was converging towards the EU in regards to income level in 1993–2004

 

Post-Soviet[edit]

Since the USSR's dissolution, the post-Soviet states faced many problems. Poverty in the region had increased more than tenfold.^[24] The economic crisis that struck all post-Soviet countries in the 1990s was twice as intense as the Great Depression in the countries of Western Europe and the United States in the 1930s.^[25][26]

However, it has not been established whether these adverse outcomes were due to the general collapse of the Soviet economy (which began before 1989) or the policies subsequently implemented or a combination of both. Some research suggests that the very fast pace of 'shock therapy' privatization mattered, and had a particularly harsh effect on the death rate in Russia.^[27] Sachs himself resigned from his post as advisor, after stating that he felt his advice was unheeded and his policy recommendations were not actually put into practice.^[28][29]

New Zealand[edit]

The economic reforms of New Zealand's 1984 Labour government, collectively known as Rogernomics (after New Zealand Finance Minister Roger Douglas), constitute an example of shock therapy.^[23] In this case, the previous economic direction and management of Rob Muldoon was portrayed as leading the country into a desperate fiscal crisis, and this crisis was the continued reason given for the necessity of economic shock policies. The 'shock' element of the New Zealand experiment, can be considered as such, because the Labour Party initially complied with its policies, not withdrawing its support until later in Roger's term.

Bolivia 1985[edit]

The term shock therapy originates from Bolivia's tackling of hyper-inflation in 1985, and was thought to have been coined by the media.^{[citation needed]} On 29 August, just three weeks after the election of Víctor Paz Estenssoro as President, and the appointment of Gonzalo Sánchez de Lozada, the architect of shock therapy, as Planning Minister, Decree 21060 was passed. This decree tackled all aspects of the Bolivian economy and ended the hyper-inflation

筆者無意評價“休克療法”的宗師、美國經濟學家傑弗裏·薩克斯(Jeffrey Sachs)的功過是非，但所謂“經濟”，無非“經世濟民”，經濟學家幹的事兒，本就應以增加人類福祉為宗旨。不可否認“休克療法”在玻利維亞取得一些成功，

玻利維亞因政府的高度腐敗和殖民統治，目前是南美洲最貧窮、落後之國。貧困人口占總人口的66.4%，極端貧困人口占總人口的45%。嚴重的兩極化，全國90%的土地由少數白人或混血人種所持有。