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How Ukraine Became a Market Economy and Democracy

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  • Anders Aslund

    (Peterson Institute for International Economics)

Abstract

One of Europe's old nations steeped in history, Ukraine is today an undisputed independent state. It is a democracy and has transformed into a market economy with predominant private ownership. Ukraine's postcommunist transition has been one of the most protracted and socially costly, but it has taken the country to a desirable destination. * Aslund's vivid account of Ukraine's journey begins with a brief background, where he discusses the implications of Ukraine's history, the awakening of society because of Mikhail Gorbachev's reforms, the early democratization, and the impact of the ill-fated Soviet economic reforms. He then turns to the reign of President Leonid Kravchuk from 1991 to 1994, the only salient achievement of which was nation-building, while the economy collapsed in the midst of hyperinflation. The first two years of Leonid Kuchma's presidency, from 1994 to 1996, were characterized by substantial achievements, notably financial stabilization and mass privatization. The period 1996-99 was a miserable period of policy stagnation, rent seeking, and continued economic decline. In 2000 hope returned to Ukraine. Viktor Yushchenko became prime minister and launched vigorous reforms to cleanse the economy from corruption, and economic growth returned. The ensuing period, 2001-04, amounted to a competitive oligarchy. It was quite pluralist, although repression increased. Economic growth was high. * The year 2004 witnessed the most joyful period in Ukraine, the Orange Revolution, which represented Ukraine's democratic breakthrough, with Yushchenko as its hero. The postrevolution period, however, has been characterized by great domestic political instability; a renewed, explicit Russian threat to Ukraine's sovereignty; and a severe financial crisis. The answers to these challenges lie in how soon the European Union fully recognizes Ukraine's long-expressed identity as a European state, how swiftly Ukraine improves its malfunctioning constitutional order, and how promptly it addresses corruption.

Suggested Citation

  • Anders Aslund, 2009. "How Ukraine Became a Market Economy and Democracy," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4273.
  • Handle: RePEc:iie:ppress:4273
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    Cited by:

    1. Marek Dabrowski & Svitlana Taran, 2012. "The Free Trade Agreement between the EU and Ukraine: Conceptual Background, Economic Context and Potential Impact," CASE Network Studies and Analyses 437, CASE-Center for Social and Economic Research.
    2. Oleh Havrylyshyn, 2015. "A quarter century of economic reforms in Ukraine: too late, too slow, too little / Æwieræ wieku ukraiñskich reform: za ma³o, za póŸno i zbyt wolno," mBank - CASE Seminar Proceedings 135, CASE-Center for Social and Economic Research.
    3. Fyodor I. Kushnirsky, 2014. "Ukraine and The IMF: An Uneasy Cooperation," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 4(7), pages 120-130, July.
    4. Earle, John S. & Gehlbach, Scott, 2014. "The Productivity Consequences of Political Turnover: Firm-Level Evidence from Ukraine's Orange Revolution," IZA Discussion Papers 8510, Institute for the Study of Labor (IZA).
    5. Ari Kokko & Victoria Kravtsova, 2012. "Regional Characteristics And Effects Of Inward Fdi: The Case Of Ukraine," Organizations and Markets in Emerging Economies, Faculty of Economics, Vilnius University, vol. 3(2).

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