A Review and Analysis of Ukraine’s Road towards Capitalism over the Past Three Decades

ABSTRACT Following Ukraine’s declaration of independence in 1991, the country’s ruling class initiated a process of capitalist development that it has carried forward ever since. Politically, Ukraine has sought closer ties with the West, and has turned to the Right. Economically, it has abandoned the socialist road for a capitalist one, which instead of bringing development and prosperity has led to deindustrialization and recurrent economic crises. Ukraine’s persistent turn to the Right has to a marked degree torn apart Ukrainian society; it served as the root cause of the Crimean referendum on rejoining Russia and of the civil war in the Donbas region, before dragging Ukraine into conflict with Russia. After three decades of capitalist development, Ukraine has turned from a strong industrial power into the poorest country in Europe.