Ensuring a Future of Economic Opportunity in Ukraine

An unanticipated ray of hope has emerged in war-torn Ukraine, where blackouts, drones, shellings, and air raid sirens have become a daily reality. It comes in the form of an educational initiative, one that is opening the minds of thousands of Ukrainian students to the ideas of economics and free markets, in sharp contrast to the humanitarian supply convoys and military operations that have been their new normal.

This is the work of the Bendukidze Free Market Center (BFMC), a Ukrainian think tank transforming economic education in a nation living in uncertainty and conflict and whose Economic Education Accelerator project is rooting Ukraine’s future resilience and prosperity.

The problem—and opportunity—came in 2019 when Ukrainian policy makers decided to withdraw economics classes from the high school curriculum, leaving teachers with only five hours to teach fundamental economic ideas. This deprived students of the education needed to make informed decisions for both their own future and the future of their country.

“We at Bendukidze Free Market Center saw our opportunity to fix this,” said Nataliya Melnyk, BFMC’s executive director. “We started working on reintroducing comprehensive economic education in middle schools and popularizing it.”

The project started as a translation and adaptation of the textbook Economics in 31 Hours published by a fellow Atlas Network partner organization, the Lithuanian Free Market Institute. It has now evolved into a national movement. From 12 pilot schools and 25 teachers, the program has expanded rapidly, and today it counts over 50,000 textbooks distributed to students. Just as impressively, more than 500 teachers have been trained in how to teach economic literacy using the textbooks, which has impacted over 30,000 students in Ukraine and among refugees abroad.

Rather than fold under the disruption and destruction caused by Russia’s full-scale invasion in 2022, BMFC chose to double down. They saw students’ financial literacy and grasp of basic economic concepts as more important than ever, as those very students would be faced with the task of rebuilding Ukraine’s economy after the war.

Rising to the task, BFMC scaled up their initiatives and began hosting the The Economics Olympiad in Ukraine in 2023. Established in the Czech Republic in 2016 by the Institute of Economic Education, the Economics Olympiad has expanded to become a worldwide annual competition that involves over 80,000 students between the ages of 14 and 20. It seeks to improve economic and financial education globally, with backing from a number of institutions including Atlas Network and the Economic Fundamentals Initiative,

Ukrainian students responded enthusiastically. With around 9,500 students competing in the contest, Ukraine boasts the highest number of schools taking part in the olympiad—a noteworthy accomplishment given the ongoing war. BMFC has seen the number of participants double with each Economics Olympiad, showing just how much excitement there is for the opportunity.

Nataliya says participation in the olympiad is a crucial lifeline for many students. “In spite of the daily uncertainty caused by bombings, blackouts, and air raid alerts, thousands of schoolchildren are coming to us for a chance to study at the university of their dreams, to test their economic way of thinking and gain life-changing experiences.”

The positive impact goes beyond the olympiad events themselves. After using the techniques taught in BFMC’s seminars, 59% of participating teachers said they saw improvements in classroom activity and information retention. The organization has also established three “regional accelerators,” which help launch economics-related subjects in middle schools in partnership with school administrators, local authorities, and local businesses.

The organization has received support from Atlas Network for this and other initiatives, including grant support, training, and a global stage to present their innovative approach to economic education.

In 2019, Nataliya won Atlas Network’s European Think Tank Shark Tank pitch competition, securing $10,000 in seed funding for her educational project “ENVY: Economics at School.” This work provided teachers and students with modern, engaging materials—including Economics in 31 Hours—to promote economics education and laid the foundation for the organization’s current efforts.

“In order to multiply its impact even further in the near future, BMFC has built a strong network of partnerships, internationally with Atlas Network, Economic Fundamentals Initiative, Lithuanian Free Market Institute, and nationally, focusing on Ukrainian businesses and other educational movers and shakers,” Nataliya said.

BFMC’s work is crucial for Ukraine’s future, as the country will be forced to tackle the enormous challenge of post-war reconstruction and rehabilitation. By ensuring the next generation’s economic literacy and critical thinking abilities, the Economic Accelerator Program is building a more resilient and market-friendly Ukraine.

“Through our continuing work, we are laying the foundation for not only Ukraine’s economic recovery but a future that offers more than individual liberty, prosperity, and dignity than ever before,” Nataliya notes.

“This is our investment in the Ukraine of tomorrow.”