This article examines the process of privatization in the context of the economic transformation of Ukraine. It demonstrates why Ukrainian economic self-determination is so important. Privatization would be inherently associated with massive and unpredictable social and economic in Ukraine. Because of the continuing democratization of Ukrainian politics, such consequences would fundamentally constrain the shape of Ukrainian reform that could be feasibly implemented. The process of democratization in Ukraine, as in the USSR itself, is crucially inter-related with economic reform. It is vital to understand the political, social, economic and legal context of Ukraine to determine the optimal shape of a programme of privatization. This article is designed to facilitate the process of Ukrainian economic self-determination.