Why Shock Therapy was Wrong


Well over a decade has passed since the privatization debates raged in the international financial institutions (IFIs) concerning Russia and the other transition economies.  It is time for reflection and evaluation of these debates within the World Bank and the other IFIs.  This article in Challenge May-June 2003 tried to pull together thoughts on two questions: the overall institutional change strategy and the alternatives to and arguments against voucher privatization.

Click here to download the article.