Chatham House: Ukraine’s system of crony capitalism

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Chatham House: Ukraine’s system of crony capitalism

Ukraine’s systema – commonly described as oligarkhiya in Ukraine – grew out of a specific form of crony capitalism that took root in the late 1990s. It has proved impressively resilient and adaptive to political and economic disruption since the 2004–05 Orange Revolution. It allocates resources inefficiently and in ways that do not benefit society, and increases economic costs by reducing competition.

At the same time, it weakens institutions and perpetuates high levels of inequality and corruption. As such, it is the underlying obstacle to the development of fully functioning democratic institutions and rule of law.

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