The evening of August 7, 1990, is known in Peru as the D-day of the neoliberal shock therapy that the Fujimori administration imposed upon Peru and the beginning neo-liberal economic scheme that governs the Peruvian economy to this day. The term ´Fuji Shock´ was truly born in Peru after Fujimori's government successfully tackled hyperinflation in 1991, using Sach's ideas. In particular Sachs and Fujimori cited Chile as inspiration where, during a period over 1973–1976, price controls and government support were withdrawn over a very short period, kick-starting the Chilean economy and completing its transition from a soviet inspired cold war to a liberal state. Fujimori's shock therapy was a total reversal of practically all the economic policies of the previous 20 years by preceding governments, from Velasco's soviet socialism to Alan Garcia's yugoslav inspired socialism in conditions that clearly required drastic corrective action.