Explanation:
Shock therapy is an economic policy approach that involves a rapid and drastic change in the orientation of the economy. It involves a sudden move from a centrally planned economy to a market-oriented economy. The shock therapy approach was implemented in several countries during the 1990s, including Russia, Poland, and Hungary.

The main aim of shock therapy was to quickly transform the economy from a state-controlled system to a market-based system. This was achieved by implementing a range of policies that included privatization of state-owned enterprises, liberalization of prices, and the removal of trade barriers.

The shock therapy approach was based on the belief that a rapid and drastic change in economic policy would create a shock to the system that would force the economy to adapt quickly to the new environment. The shock therapy approach was seen as a way of overcoming the resistance to change that was often encountered in a more gradual approach to economic reform.

The shock therapy approach was not without its critics, who argued that the rapid and drastic changes could lead to social and economic turmoil. Critics also argued that the approach could lead to a widening of the income gap and the concentration of wealth in the hands of a few.

In conclusion, shock therapy involved a drastic change in the external orientation of the economy, moving it from a centrally planned system to a market-oriented system. The approach was based on the belief that a sudden shock to the system would force the economy to adapt quickly to the new environment. The approach was implemented in several countries during the 1990s, and while it had its critics, it was seen as a way of overcoming resistance to change and achieving rapid economic transformation.