In This Review

Ukraine: What Went Wrong and How to Fix It
Ukraine: What Went Wrong and How to Fix It
By Anders Aslund
Peterson Institute for International Economics, 2015, 274 pp
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No Western analyst has been more involved with or written more on Ukrainian economic reform than Aslund. Here, he offers a manual of sorts on what the Ukrainian government and its international benefactors must do if Ukraine is to claw its way out of its current economic crisis. Reforms, he argues, must be “radical, comprehensive, and front-loaded,” noting that “all gradual reforms in crisis situations have failed.” The eu must step forward with an aid package as ambitious as the Marshall Plan. But political reform must come first, and Aslund details the progress Ukraine has achieved on that front in the past two years. Still, much remains to be done, and he urges campaign finance reform, the elimination of parliamentary immunity, and the decentralization of economic and political power. Those steps will pave the way for deeper changes: new anticorruption policies and practices, measures to achieve financial stability and sustainability, the transformation of the energy sector, and new social policy. In all these areas, Aslund proposes concrete steps based on his deep experience.