Tymofiy Mylovanov, Richard van Weelden: How Ukraine’s never ending transition makes the rich richer and everyone else poorer

After twenty-seven years of independence, the Ukrainian economy continues to struggle. The country appears to be stuck in partial transition from the command to market economy. Many state-owned companies have been privatized, but many more remain in the custody of the state and are mismanaged. There is corporate governance and independent boards, but the assets are continuously stripped from companies by insiders. There are private but insecure property rights. There is liberalization in energy markets, but household gas prices are heavily subsidized. There is a shadow market for land, but the legislature has extended the land market moratorium sixteen times. There is private investment, but the movement of capital is restricted and minority shareholders are abused. The list goes on.

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