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In the 1980s, severe austerity measures were imposed in the Socialist Republic of Romania by President Nicolae Ceaușescu in order to pay off the external debt incurred by the state in the 1970s. Beginning in 1981, the austerity led to economic stagnation that continued all throughout the 1980s, a " sui generis shock therapy " which lowered the ...
Its industrial and economic development, as well as its relationship with the industrialised West was typical of what we call now the periphery countries. [1] Despite the land reforms, Romania's peasants continued to live at the edge of poverty. Its bourgeoisie used much of the country's economic surplus into non-productive uses, while the ...
Thus, Romania jumped from not even being in the top 10 countries with the smallest public debt (as percentage of GDP) in 1989 to being the world leader in 1990. Romania remained the country with the smallest public debt in 1991, falling to the 6th place in 1992 and 1993 and finally to the 9th place in 1994. [19]
As the realities of life in Romanian orphanages emerged after December 1989, the reaction outside Romania was of shock at the plight of the orphans, and numerous charities were established. [10] Numerous fund-raising activities have been conducted by various parties, such as the 1990 album Nobody's Child: Romanian Angel Appeal , which was ...
Romania became a member of NATO and the European Union in 2004 and 2007, respectively. While democratic reforms have proven to be moderately successful, [19] [20] [21] though issues with corruption remain. [22] Economic reforms continue, with Romania still possessing, for example, one of the highest child poverty rates in the developed world ...
Category: Economic history of Romania. ... Download QR code; Print/export Download as PDF; ... 1980s austerity policy in Romania; C.
The social and economic transformations resulted in improved living conditions for Romanians. Economic growth allowed for higher salaries which, combined with the benefits offered by the state (free medical care, pensions, free universal education at all levels, etc.) were a leap compared to the pre-WWII situation of the Romanian population.
Download QR code; Print/export Download as PDF; Printable version; ... 1980s austerity policy in Romania; 2012 fiscal austerity in Argentina; A. Anti-austerity movement;