This book is an insightful, comprehensive and easy-to-read account of Ukraine's difficult transition to a market economy. --George Soros, International Financier

A comprehensive and insightful analysis of Ukraine's economic and political development since the achievement of its independence in 1991. The implicit message of this important book is that Ukraine is and, even more, should be an integral part of Europe. --Zbigniew Brzezinski, Former US National Security Adviser

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.

Åslund'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.

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Paperback: 312 pages
Author: Anders Aslund
Publisher: Peterson Institute for International Economics (February 15, 2009)
Language: English
ISBN-10: 0881324272
ISBN-13: 978-0881324273

Book Description
Denied membership to the European Union due in part to its continued struggle for legitimacy in the international community, Ukraine remains a country in transition. In this clear, accessible account of Ukraine's political and economic metamorphosis, noted expert on the postcommunist transformation Anders Aslund provides a chronological guide to the evolution of a country known for its diverse regions.

Who propelled its independence, organized successive reforms, and shaped the current structure of the country today? The author identifies the protagonists and leaders who have formed the country's regimes in this fast-paced drama and analyzes how constant governmental transitions have affected the electoral process and achievement of a parliamentary-based system.

In response to Ukraine's independence from Russia, a number of measures were enforced to instill economic stability and reverse high levels of inflation. This volume examines the specific facets of political and economic reform, including currency reform, privatization, deregulation, and the gas trade. In addition, Aslund analyzes the level of societal reform, addresses the incidence of crime, and measures the impact of law enforcement.

Finally, this volume discusses Ukraine's integration in the international organizational hierarchy, particularly with respect to NATO and the WTO. The author presents an easy-to-read analysis that traces the country's transformation into a market economy and democracy and assesses the ultimate repercussions of this gradual political rebirth on Ukraine's governmental and societal architecture.

About the Author
Anders Aslund, known for repeatedly challenging conventional wisdom on transition economies, is a leading specialist on postcommunist economic transformation with more than 30 years of experience in the field.

He boldly predicted the fall of the Soviet Union in his Gorbachev's Struggle for Economic Reform (1989). In Building Capitalism: The Transformation of the Former Soviet Bloc (2002) he firmly stated that the only choice Russia had was market reform. He is also the author of Russia's Capitalist Revolution (2007).

Dr. Aslund joined the Peterson Institute for International Economics as senior fellow in January 2006. He has worked as an economic adviser to the Russian government (1991-94), to the Ukrainian government, and to the president of the Kyrgyz Republic.

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