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Why is Ukraine such an economic failure?
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Why is Ukraine such an economic failure?

An urgent mystery

Noah Smith
Noah Smith, 2022
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9

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The story of Ukraine’s modern economy details a rolling series of missteps. An antiquated manufacturing sector, hyperinflation after the Soviet Union’s fall, reliance on cheap energy from Russia, and rapacious plutocrats and corrupt politicians have left the country in disarray and ill-equipped to defend itself. Economist Noah Smith details the background to the current situation in Ukraine, offering a cautionary tale of failed economic development and its consequences.

Take-Aways

  • Ukraine’s economy, relative to those of its peers, has underperformed for some time.
  • Inept policies and institutionalized grift hindered the country’s development.
  • Ukraine could improve its economic fortunes in a number of ways.

About the Author

Noah Smith is an economist and financial journalist who blogs about economics at noahpinion.com

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