Ukraine has been wracked by a year of unprecedented political, economic, and military turmoil. Russian military aggression in the east and a legacy of destructive policies and corruption have created an imminent existential crisis for this young democracy. Yet Ukraine also has a great opportunity to break out of economic underperformance. In this study, Anders Åslund, one of the world's leading experts on Ukraine, traces Ukraine's evolution as a market economy starting with the fall of communism and examines the economic impact of its recent difficulties. Åslund argues that Ukraine must undertake sweeping political, economic, social, and government reforms to achieve prosperity and independence. For its part, the West must abandon its hesitant approach and provide broad economic assistance to help Ukraine transform itself.

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.

One of The New York Times’ “6 Books to Read for Context on Ukraine” “A short and insightful primer” to the crisis in Ukraine and its implications for both the Crimean Peninsula and Russia’s relations with the West (New York Review of Books) The current conflict in Ukraine has spawned the most serious crisis between Russia and the West since the end of the Cold War. It has undermined European security, raised questions about NATO's future, and put an end to one of the most ambitious projects of U.S. foreign policy—building a partnership with Russia. It also threatens to undermine U.S. diplomatic efforts on issues ranging from terrorism to nuclear proliferation. And in the absence of direct negotiations, each side is betting that political and economic pressure will force the other to blink first. Caught in this dangerous game of chicken, the West cannot afford to lose sight of the importance of stable relations with Russia. This book puts the conflict in historical perspective by examining the evolution of the crisis and assessing its implications both for the Crimean Peninsula and for Russia’s relations with the West more generally. Experts in the international relations of post-Soviet states, political scientists Rajan Menon and Eugene Rumer clearly show what is at stake in Ukraine, explaining the key economic, political, and security challenges and prospects for overcoming them. They also discuss historical precedents, sketch likely outcomes, and propose policies for safeguarding U.S.-Russia relations in the future. In doing so, they provide a comprehensive and accessible study of a conflict whose consequences will be felt for many years to come.

This collective volume shows how Ukraine can best be understood through its regions and how the regions must be considered against the background of the nation. The overarching objective of the book is to challenge the dominance of the nation-state paradigm in the analyses of Ukraine by illustrating the interrelationship between national and regional dynamics of change. The authors—historians, sociologists, anthropologists, economists, literary critics and linguists from Ukraine, Poland, Switzerland, Germany and the USA—explicitly go beyond the perspective of an entity defined by traditional political borders and cultural, economic, historical or religious stereotypes. The research project that led to the composition of the book combined quantitative (statistical surveys conducted across Ukraine) and qualitative (in-depth interviews and focus-group discussion) methods. The authors came to the conclusion that regionalism as a defining phenomenon of Ukraine is more prominent than the regions themselves. This approach regards Ukraine as a construct in flux where different discourses intersect, concur and eventually merge through the lenses of various disciplines and methodologies.

A penetrating look into the extreme plutocracy Vladimir Putin has created and its implications for Russia’s future This insightful study explores how the economic system Vladimir Putin has developed in Russia works to consolidate control over the country. By appointing his close associates as heads of state enterprises and by giving control of the FSB and the judiciary to his friends from the KGB, he has enriched his business friends from Saint Petersburg with preferential government deals. Thus, Putin has created a super wealthy and loyal plutocracy that owes its existence to authoritarianism. Much of this wealth has been hidden in offshore havens in the United States and the United Kingdom, where companies with anonymous owners and black money transfers are allowed to thrive. Though beneficial to a select few, this system has left Russia’s economy in untenable stagnation, which Putin has tried to mask through military might.