Ukraine: Goodbye Cold War, Hello Globalized Economy

As Russia tries to claim Crimea from Ukraine and influence politics of neighboring states, other countries are uncertain about how to proceed – and just how effective economic sanctions might be. Russia is a leading producer of oil and natural gas, but is also over-reliant on those revenues. Another unknown for Russia and supporters is just how long global markets will tolerate endorsement of intervention and corruption. “Viktor Yanukovich did not leave Kiev in the middle of the night because of a military invasion of his country,” writes Remi Piet, public policy professor. “No, he fled because the powerful Ukrainian oligarchs turned their back on him in fear of economic sanctions from Europe that would have meant the end of their industrial empire and freedom of movement.” If Russia were to enact true economic and political reforms, companies and wealth would flow into the country. Piet argues that Russia is incredibly vulnerable as long as Europe maintains a united front. – YaleGlobal