Despite Ukraine's "gradualist" approach to economic reform, results there have been no better than in Russia. This study outlines the major problems of the economy, analyzes the early phases of economic reform, assesses their outcomes and charts the way forward.

Part I: Introduction; 1: The Dilemmas of Ukrainian Economic Reform; Part II: Strategy of Reform; 2: Priorities of Reform; Part III: Macroeconomic Stabilization; 3: From Hyperinflation to Stagnation; 4: How to Find a Path for Ukrainian Reforms; 5: Monetary Policy in the Transition to a Market Economy; Part IV: Fiscal Policy; 6: The Phases of Budgetary Reform; 7: Tax Policy; Part V: Structural Reform; 8: Energy Policy and Structural Reform; Part VI: Privatization and the Legal System; 9: The Progress of Privatization; 10: Liberalization, the Legal Framework, and Market Indicators in Ukraine; Part VII: Social Policy; 11: Ukraine Needs a Fundamental Pension Reform; 12: Funding of Social Benefits and the Social Service System in Ukraine; Part VIII: Ukrainian Transition in Perspective; 13: Why has Ukraine Failed to Achieve Economic Growth?