Economy in Transition: The Ukraine
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Seven years into its life as an independent state, Ukraine seems to be lagging behind other post-Soviet countries in economic development. News stories describing living conditions and political infrastructure are indicative of an economy slow to change. Data from the World Bank help identify relationships between economic freedom and economic growth. Read news accounts and fill in the chart below to help identify a course of action for the Ukrainians.
Visit the World Bank web site in the Ukraine and read "Kyiv public buildings lead Ukraine's push for energy conservatism."
Answer the following questions.
To learn more about how Ukraine is facing economic reform, go to the Radio Free Europe/Radio Liberty site and read "Ukraine's Lack of Direction Jeopardizes Reform."
Complete this Economic Liberation Worksheet to learn about Economic Liberalization.
Initially, nations that allowed more economic freedom experienced decline (contraction) when more economically liberal policies were adopted. Those that allowed more economic freedom recovered more quickly than those that allowed less economic freedom. Why was this the case?