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