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Progress and development of Romania in the time of Charles I (1866-1914)

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  • Vorovenci Ion

    (Academy of Economic Studies, Bucharest, Romania)

Abstract

The economic evolution of Romania, during the reign of Charles I, is so obvious and unique in Europe that does not fail if you paraphrase historian Gheorghe Brătianu and say that it was "a miracle". The process of taking the country out of feudalism, started during the reign of Alexander John Cuza, and concluded in subsequent years when they laid the foundations of capitalist economy, european-style. Romania earned their independence and created most institutions with economic profile, diversified ministries and institutions of higher education (technical colleges and the Academy of Higher Commercial and Industrial Studies). Also, the monetary system of the LEU (Romanian currency), Bank institutions, first National Bank of Romania, the railway complex developed and was carried out at the junction of the European railways, Danube navigation, trade, as well as cereal stock market of Brăila, and this forms an important yardstick for the cereals market in Europe. With the coming of Charles I, its doors to the West opened for Romania, the Prince and later King being the guarantor of future economic relationships with Western capitalists. The detachment of the Romanian economy from the sphere of influence and the dependence of the Ottoman Empire were made under the impetus of Britain and France, and, later, of Prussia, powers interested in the development of trade at the mouths of the Danube, through harnessing the principalities, Moldova and Romania, and their attraction to the European economy. Political solution meant to hasten this process had been given even by the great powers, by the election of a foreign Prince as Ruler of the provinces, after the Crimean War (1853-1856). At the beginning, it was very hard to accept a foreign Prince, the progressive forces of the two countries resorting to election as Ruler of Alexander John Cuza. After his abdication, the foreign Prince was accepted. Alongside Cuza, Charles I is the main reformer of modern Romania.

Suggested Citation

  • Vorovenci Ion, 2013. "Progress and development of Romania in the time of Charles I (1866-1914)," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 710-721, December.
    • Handle: RePEc:ora:journl:v:1:y:2013:i:2:p:710-721
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    References listed on IDEAS

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    1. James A. Christiansen, 2000. "Competitive Innovation Management," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-00110-7.
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