Why is the media, especially the Western press, which wrote about Ukraine so triumphantly three years ago, today so deeply disappointed with the lack of reform? Why, following the Euromaidan revolution, have attempts to fix Ukraine’s economy failed? Are Ukrainians themselves to blame?
The answer to the last question is yes and no. The reforms failed because there was no consensus among Ukraine’s benefactors, chiefly the International Monetary Fund and World Bank, who offered flawed guidance about which changes were necessary and which were not. There was no consensus about what the reforms should be.
The battle between social-oriented, socialist economists …read more