Comprehension and Discussion Questions. 1. What issues should special attention be paid in Ukraine’s economic development to?

1. What issues should special attention be paid in Ukraine’s economic development to?

2. What program has been developed by the Cabinet of Ministers of Ukraine?

3. What is this program aimed at?

4. What measures should be applied to improve the state of Ukrainian economy?

5. What is the export strategy of Ukraine aimed at?

6. What does the export strategy foresee?

7. What are the directions of Ukrainian export policy?




Unit III


    Contrary to popular belief, the market economy and democracy – the twin pillars of Western Civilization – are more likely to undermine than support one another. What follows is a list of just some of the ways in which they clash:

§ In a democratic society, the promotion of the individual is the ultimate goal, while in a market economy the individual is treated as a commodity – one that can be excluded or cast aside for want of the right education, skills, physical characteristics, or upbringing.

§ The market economy accepts and fosters strong inequalities between economic agents, whereas democracy is based on the equal rights of all citizens. By depriving some people of the ability to meet their basic economic needs, the market economy also leaves them less able to enjoy their full political rights. Witness the increasing ranks of unemployed workers in much of the west who can vote but are otherwise increasingly alienated and deprived of human rights.

§  The market economy resists the localization of power, discourages coalitions between participants, and encourages selfishness, while democracy depends upon a clear identification of political responsibility, the coalition of citizens in political parties, and a general appreciation of our common fate. Democracies need political parties that are capable of forming platforms based on compromises between individual points of view, while market economies rely on competing individual centers.

Inevitable Destruction.Both the market economy and democracy encourage a herd mentality that can be deeply destabilizing. Known as the self-fulfilling prophecy syndrome, this tendency can intensity problems, starting runs on market and financial institution technology is deepening this self-destabilizing and self-destructive tendency – in both economics and politics – by providing split-second market result and polling data.

The destructive consequences of this changeability are enormous: markets leave less and less room for long-term contracts or long-term investments. Older generations neglect the interests of the young, demanding benefits and pensions that their children will not be able to sustain, much less enjoy themselves upon retirement. In politics, unpopular decisions are deferred endlessly for immediate political considerations. Led by managers and politicians who are increasingly skilled at defining public opinion and evading responsibility, society grows incapable of dealing with vital long-term challenges.

When two concepts are contradictory, one of them has to come out on top. It seems obvious that, all over the world, the market economy today is more dynamic than democracy. Stronger forces are backing it. The frantic search for money to fund elections, the spread of corruption, and the scale of the criminal economy are all signs of the prevalence of the market economy over democratic ethics.

The implications of a triumph of the market economy over democracy would be profound. Powerful minorities seeking to take full advantage of the market economy will want total control of their resources and will come to view the collective democratic decisions of poor majorities as intolerable burdens. As legislatures and court lose power to central banks and corporations, market elites will become stronger than democratic elites, further undermining the reach and appeal of the public sphere.

Vocabulary notes

to undermine –подрывать

to clash –сталкиваться

ultimate goal –конечная цель

to cast aside –отбросить

for want of –из-за

upbringing –воспитание

to foster –способствовать развитию

inequalities –неравенства

whereas –тогда как

to deprive –лишать

to witness –быть свидетелем

to alienate –отчуждать

inevitable –неизбежный

to rely on –полагаться

herd mentality –стадный менталист

prophecy –предсказание, пророчество

polling data –данные опроса общественного мнения

consequences –последствия

to sustain –поддерживать

to defer –считаться

to evade responsibility –уходить от ответственности

frantic –безумный, неистовый

profound –глубокий

to seek –искать

burdens –тяжести

legislature - законодательство


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