The author characterizes qualitative results of post-communist transformation of the Ukraine’s economy. Putting the economy into a trajectory of stable growth presupposes clear account of available alternatives, and requires political will to carry out a complex of unpopular measures. What is required of the state in change of its very approach to business, furtherance of the formation of effective national capital, creation of really «equicompetitive» environment, decapitalization of bureaucracy with simultaneous debureaucratization of capital etc. Further transformation are to have as their object economic system characterized by a high level of stability and capable of reproducing itself.