Word: shocks
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...TIME: Shock therapy has been criticized for being too much shock and not enough therapy...
Sachs: There was no shock therapy in Russia. The reformers advocated it, but they never had the political power to implement it. The economic pain has been caused not by shock therapy but by a combination of three other things. First, the pain of communism's collapse, which was there well before the reformers. Second, the incredible inconsistency of policy because reformers have been battling conservatives for two years and have been unable to implement a strong reform program. Third, Western help never came and never helped cushion the change. ((U.S. Deputy Secretary of State)) Strobe Talbott did a terrible...
...TIME: Is shock therapy dead...
Sachs, a chief proponent of "shock therapy," an economic strategy that calls for the rapid transition of former communist countries from planned to market economics, had served as an advisor to Russian President Boris Yeltsin since December...
Despite his resignation, Sachs said he is still a firm believer in "shock therapy." He cited Poland and Estonia as countries where the strategy has been successfully applied with positive results. But he said that due to political strife in Russia, there has been little reform and "there certainly hasn't been shock therapy...