WORLD HISTORY

Detailed explanation-1: -Shock therapy devalued the modest wealth accumulated by individuals under socialism and amounted to a regressive redistribution of wealth in favor of elites who held non-monetary assets.

Detailed explanation-2: -Shock therapy is the belief that sudden and significant changes in a country’s economic policies can transform a state-run economy into a free-market economy. Shock therapy is used to improve living conditions, boost economic productivity, and boost employment rates.

Detailed explanation-3: -: the treatment of mental illness by the artificial induction of coma or convulsions through use of drugs or electric current.

Detailed explanation-4: -After the collapse of the Soviet Union in 1991 and collapse of Soviet Russia’s controlled economy, a new Russian Federation was created under Boris Yeltsin in 1991. The Russian Federation had multiple economic reforms, including privatization and market and trade liberalization due to the collapse of communism.