The Ukrainian Economy: Present and Future

Paper Summary:

This paper analyzes the process of privatization and revival of the real sector in Ukraine within a broader picture. The writer submits that a comprehensive reform of the economic and other frameworks has to be undertaken in order to ensure a successful transformation. The paper concludes that the state should guarantee social equity and social consensus, otherwise economic stability will not be achieved or maintained.

From the Paper:

"The causes of current disastrous economic situation are manifold. There are constraints imposed by institutional legacy, and a developed set of parasitic and backward mechanisms, which prevents further social and economic progress. Factors contributing to failures at the macro level are a lack of governmental experience in implementation of transformation schemes, inconsistency between obsolete and innovative forms of economic activity and organization, a lack of both competitive environment (the former central planning monopoly was substituted by the monopoly of interest groups discretionary distributing resources) and of market infrastructure. At the micro level it is a distortion of real power structures within enterprises and frequent deviation of activities from the legal title. Thus in spite of existence of Boards of Directors it is usually the executive managers who solely run the company."

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