March 05, 2022

War and Peace: Ukraine and the Neoliberal Project with Alexander Valchyshen

56 minutes

**There’s a transcript accompanying every episode of Macro N Cheese. You'll also find links to other resources on the Extras page. Go to realprogressives.org.org/macro-n-cheese-podcast/ **

Alexander Valchyshen brings special knowledge of both economics and conditions in Ukraine. He’s a PhD student under Scott Fullwiler and has more than twenty years of experience in Ukraine’s banking and financial markets, so he has a point of view that the US public rarely hears. Given the current geopolitical conflict, Steve wanted to fill the gaps in his knowledge of Alexander’s homeland. It’s no surprise that social media and the major news organizations are unreliable.

“As I said, it's a pretty difficult time. But at the same moment, this is a very crucial moment not only for Ukraine itself, for its existence, because we have to understand Ukraine as a sovereign country in every possible sense of that word, not only in the political terms, but also in the economic terms.”

Some of what Alexander describes is very familiar, including the discrepancy between what Ukrainian policy makers understand and their public stance as fiscal conservatives. Alexander goes into some detail about the handling of budget deficits by turning to foreign markets.

“I tend to differentiate between currency and money units of account ... What makes Ukraine vulnerable and weak is that historically, as many other countries, there has been instability, there has been a period of hyperinflation and people developed this habit to find a rescue in foreign money. And there is widespread usage of foreign money of account in this economy.”

The episode looks at both the history and current conditions of Russia and Ukraine. At a time when most of the news from that part of the world is weighted with emotion and skewed by complex, often obscured interests, we're bringing you a perspective you may not be accustomed to.

Alexander Valchyshen is a Research Fellow at the Global Institute for Sustainable Prosperity and an interdisciplinary Ph.D. student in the Economics department of UMKC, under the supervision of Dr. Scott Fullwiler. He holds an M.S. in Economic Theory and Policy (2019) from the Levy Economics Institute at Bard College. He completed his Master’s thesis under the supervision of Dr. L. Randall Wray and Dr. Jan Kregel. He has more than 20 years of experience in Ukraine’s banking and financial markets, including with some of Ukraine’s major banks and financial firms.

During 2016-17, Alexander supervised a team of Ukrainian translators, who translated two books by Dr. Wray―Modern Money Theory and Why Minsky Matters―into Ukrainian. In the Fall of 2018, he held the position of visiting instructor of Finance at Bard College, and taught its Financial Management course to undergraduate students, supervised by Dr. Pavlina Tcherneva.

@AlexValchyshen on Twitter

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By Steven D Grumbine