Yurchenko, Yuliya (2025) Debt, dependency, de-development, and war: historicising Ukraine’s financial subordination. Globalizations. ISSN 1474-774X (In Press)

PDF (Author's Accepted Manuscript) 51817 YURCHENKO_Debt_Dependency_De-development_And_War_(AAM)_2025.pdf - Accepted Version Restricted to Repository staff only Download (430kB) | Request a copy

Abstract

The full-scale Russian invasion in February 2022 found Ukraine already the poorest country and one of the most indebted countries in Europe weathered by numerous economic crises and nearly 8 years of war. In this paper I show that Ukraine’s never-ending crises are not accidental but are an endemic part and an inevitable consequence of embedding the country into the global system of transnational capital order, where the right of capital to accumulate is upheld at expense of immiserating labour through uneven mechanisms of International Financial Subordination (IFS), including militarism. I engage analytical agenda of IFS alongside transnational historical materialist (Gramscian) methodology and state theory to show the effects of IFS on Ukraine. I outline a brief history and geopolitical dimensions of debt and energy import dependency, dollarization, financial, social, and economic vulnerabilities associated with the ongoing war and the multi-institutional Matrix of Reform, and assess erosion of Ukraine’s sovereignty.

Item Type:	Article
Uncontrolled Keywords:	Ukraine, debt, IFS, dependency, Matrix of Reform
Subjects:	D History General and Old World > D History (General) H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory
Faculty / School / Research Centre / Research Group:	Greenwich Business School Greenwich Business School > Political Economy, Governance, Finance and Accountability (PEGFA) Journal of Economic Literature Classification > Political Economy, Governance, Finance and Accountability (PEGFA) Greenwich Business School > School of Accounting, Finance and Economics
Last Modified:	25 Nov 2025 13:31
URI:	https://gala.gre.ac.uk/id/eprint/51817

Actions (login required)

View Item

Downloads