Combat capitalism: how Ukraine built a war economy

乌克兰军工奇迹

Money Talks from The Economist

2025-07-17

35 分钟
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When Russia invaded its neighbour in 2022, Ukraine's lack of industrial capacity put it at a distinct disadvantage. Typically, the country with the most factories was expected to win the war—and Russia had a lot of factories. But, as manufacturing has become more specialised and the tools of war have become more complex, the relationship between peacetime industrial capacity and battlefield success could be breaking down. This has huge implications for future wars. Hosts: Ethan Wu and Mike Bird. Guests: The Economist's Cerian Richmond Jones, who has been reporting from Ukraine. Transcripts of our podcasts are available via economist.com/podcasts. Listen to what matters most, from global politics and business to science and technology—subscribe to Economist Podcasts+.
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  • The Economist.

  • In 2022, when Russia launched its full-scale invasion,

  • Ukraine was making just 50,000 artillery shells a year.

  • That was not enough.

  • Both sides relying on artillery.

  • The problem for Ukraine is at this point with shells,

  • Russian artillery outnumbers Ukraine by about 10 to 1.

  • Ukrainian officials say they are losing up to 200 soldiers every day.

  • In the early days of the war, the Ukrainian army was at the brink of collapse.

  • The country's soldiers were getting through 6-7,000 rounds a day.

  • The Russians were firing up to 50,000.

  • So there was a rush to stock Ukraine's dwindling arsenals.

  • More American weapons will soon be on the way to Ukraine.

  • President Biden made that announcement today

  • as Ukrainian forces brace for a tough fight with Russia's military across eastern Ukraine.

  • But even America, the world's largest arms exporter by far, only produced 15,000 rounds a month.

  • What followed was a miracle of industrial growth.

  • Last year, Ukraine made 2.4 million artillery shells.

  • The value of the weapons it produces has climbed from $1 billion in 2022 to $35 billion last year.

  • So, how has Ukraine done it?