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The marks of economic history of Romania after the Second world war were currency reform 1947, nationalization of the industry in 1948, the beginning of agricultural collectivization («cooperation») in 1949, came to the end in 1962. All financial structure has been reorganized and the state monopoly for foreign trade is entered. Economic planning has begun in 1949 as acceptance of economic plans of different duration, but it’s usual for the five year periods. All plans gave a priority of industrialization, with special accent on development of the heavy industry. Special attempts of introduction of modern technology to diversify release of an industrial output were undertaken. Unlike other countries of the Central Europe, Romania has not got rid of previous Stalin strategy of development. The given orientation was showed in the fifth 5-year plan for 1971–1975 according to which growth of rates of economic development in comparison with economy of other socialist countries was provided almost twice.
However the aims laid down by the authority have appeared excessively arrogant and in the end of decade the forced industrialization of Romania has failed. Thereof in 1980 Romania has collided with serious crisis of the international payments. Simplified reply of Chaushesku on this crisis was the extreme program of liquidation of the foreign duty, sharply reduced consumption and at the same time intensified the attempts directed on increases of volume of manufacture. The debt has decreased with 10,35 up to 5 billion dollars by 1985. |
