The Economy of Romania
Before World War II, the Romanian economy was primarily agricultural.
In 1948 the Communist government came to power and took control of
nearly all aspects of the economy. Through a series of five-year
plans, the Communists transformed Romania into an industrial nation.
The economy grew considerably during the first part of the Communist
period, but by the 1980s it had slid into decline, and shortages of
consumer goods and degradation of the environment had become
widespread. After the Communist government was overthrown in 1989, the
Romanian economy virtually collapsed. Although dominated by former
Communists, the new government began taking steps to reform the
economy in the early 1990s. These steps included devaluing the
national currency, removing government subsidies on most consumer
goods, and converting some state-owned companies to private ownership.
The Romanian economy declined considerably in the early 1990s. After
several years of decline, the gross domestic product (GDP) increased
by about 1 percent in 1993. In May 1994 the International Monetary
Fund (IMF) issued the Romanian government a $700 million loan, which
helped to lower the country’s inflation rate by 1995. Although
Romania’s private sector grew considerably, especially in the area of
services, most of the country’s industrial production remained in
state hands in 1995. This provoked concern among international
lenders, with the IMF suspending further loans, and hindered Romania’s
efforts to attract foreign investment.
In June 1995 the Romanian parliament passed a mass privatization
program with the goal of transferring more than 2,000 companies to
private ownership. Due to the continued slow pace of economic reform,
however, the IMF did not resume disbursing loans to Romania in 1996,
and foreign investment remained negligible. In 1997 the Romanian
government promised to institute rigorous reforms and the IMF
responded by awarding the country a $430 million loan. However, the
government only succeeded in lifting price controls before
privatization bogged down again. In January 1998 the IMF froze
disbursement of loans to Romania once again. Most companies remained
in state hands as of early 1999.
In fact, around 1975, the Soviet Union began to enter a period of economic stagnation because of long-playing huge imbalance between light industry and heavy industry even if the crisis of oil in 1973 helped Soviet Union increase the proportion of light industry by imports. Additionally, by later 1980s, the price of petroleum declined and the demand of grains increased so that the Soviet Union had to borrow money from Western banks to purchase the grains to distribute to people for maintaining the economy. Besides, during the military race, although Soviet Union’s military budget was 1/3 of that of the United State, it still had achieved parity with the United States in military power as at least 50 percent of the industrial output of the Soviet Union was going to the military according to Western intelligence sources and the government cut down the the expense of investment in the rest of the economy. Meanwhile, owing to the Stalinist system, people in Soviet lack the incentives for productivity. Consequently, insurmountable crisis in agriculture and other light industry issues appeared, which caused a visible decline in the rate of growth and then its complete stagnation. Thus, Soviet Union had malformed economic system to curb the development of Soviet Union, which at last led to the collapse of the
Only what to produce and how to produce, since distribution is not the task of economics.
Throughout the years, the United States of America has endured a very strong economy. Although there have been many obstacles of hindrance such as trade deficits, wars, hostile governments and embargo’s, the economic status of the United States still continues to prevail. Just to name a few, the economy of this country survives on simple commodities such as pork, oranges, precious metals and the productive efforts of its citizens. In this paper, I will not only introduce and discuss the logistics of both the United States and the United Kingdom; I will discuss its key economic obstacles and its economic well being.
Romania is a beautiful country located in central Europe. Many tourists travel to this country to see all of the great things it has to offer. Some of these things are their agriculture, architecture, main attractions in cities, and even getting a cultural insight. Although these things are attracting to tourists, Romania’s factor of productions goes into depth of how their country works and even runs.
Over the past five years the Australian economy has gone through many changes experiencing both the peaks and troughs associated with business cycle.
The Soviet Union, which was once a world superpower in the 19th century saw itself in chaos going into the 20th century. These chaoses were marked by the new ideas brought in by the new leaders who had emerged eventually into power. Almost every aspect of the Soviet Union was crumbling at this period both politically and socially, as well as the economy. There were underlying reasons for the collapse of communism in the Soviet Union and eventually Eastern Europe. The economy is the most significant aspect of every government. The soviet economy was highly centralized with a “command economy” (p.1. fsmitha.com), which had been broken down due to its complexity and centrally controlled with corruption involved in it. A strong government needs a strong economy to maintain its power and influence, but in this case the economic planning of the Soviet Union was just not working, which had an influence in other communist nations in Eastern Europe as they declined to collapse.
The economics of Haiti has deceased in the last 4 years after the devastating earthquake that struck it 4 years ago. The Haiti economy has become very poor and one of the poorest country in the south, Central America and Caribbean region making it ranked 24 out of 29 countries in this area and its overall score is below average. Haiti’s economic freedom is 48.1 making it economy the 151st freest country while in the last several years Declines in the management of government spending, freedom from corruption, and labor freedom make its overall score 2.6 points lower than last year. Recovering from the disastrous earthquake in 2010 with the support of the U.S. recovering efforts “Haiti’s post-earthquake reconstruction efforts continue, assisted by substantial aid from the international community. Governing institutions remain weak and inefficient, and overall progress has not been substantial. The parliament has not renewed the mandate of the Interim Haiti Recovery Commission, which had been tasked with overseeing reconstruction efforts but was unpopular.”( .heritage.org). The open market of Haiti trade weighted to be 2.1 this is because the lack of tariffs hamper the trade freedom of Haiti. Foreign investors are given national treatment but the investment is small and the financial sector is remained underdeveloped and does not provide any adequate support.
The American economy is a vibrant, free-market system that is constantly developing out of the choices and decisions made by millions of citizens who play multiple, often overlapping roles as consumers, producers, investors and voters. The changes in the organization and performances of the manufacturing industry over the last century have helped shape the American economy. The Automotive industry perhaps made the biggest changes to their manufacturing processes. I will be reviewing the role of the industrialist Henry Ford and his innovative methods that changed the organization and performance of the American manufacturing industry forever. He produced an affordable car, paid high wages and helped create a middle class, which in turn fueled the America Industrial revolution into overdrive mode. I will also review the impact of these performance and organizational changes on the service sector and the agricultural industry. But first we look at the automotive industry.
When considering macroeconomics, Sri Lanka is a perfect subject to conduct a case study due to its economic history of being a test subject of many contrasting economic policies. These could be laid out as follows
In the years after World War II, the economy became capable of supplying a much broader range of goods and services. By 1994 the industrial sector accounted for just under 40 percent of GDP, having surpassed agriculture (including forestry and fishing), which contributed about 16 percent of production. The rapid shift in industry's relative importance resulted from government policies in effect since the 1930s favoring industrialization (see fig. 8). In the early 1990s, the government aimed at continued increases in industry's share of the economy, especially by means of export promotion.
In order to assess the current state of the economy, the examination of important economic indicators or variables has always played a vital role in the understanding of the complex economic systems we live in. The analysis of these economic variables studied by many, not only has served as a tool to evaluate the current economic performance of a country, but also has allowed experts to envisage and continue the pavement of an economy's road. Currently, some economic variables have had favorable improvements indicating a general good outlook for the economy for the following months, requiring a further individual analysis and comparisons in order to foresee crisis or successes.
Turkey’s economy has weathered some spectacular pratfalls in the past, with a major economic crisis in 2001 almost bringing the country to its knees. What’s different in 2004 from the previous "recoveries" is how committed Turkey is to establishing firm economic footing once and for all. The government is swallowing the International Monetary Fund’s painful economic medicine, making tough choices for fiscal discipline.
An analysis of the Albanian economy in the past, current, and future demonstrates how an economic structure fluctuates with the type of government present at the time. Albania, a newly found member of the European Union, is a midst its battle to stabilize its vigorous economy that has had trouble since before the 1940’s. An explanation of this instability can be found looking through Albania’s history, government structure, currency and exchange rates, imports and exports including natural wealth, national education, unemployment rates, and the country’s overall integration on a global scale.
Romania is situated in southeast Europe .The Carpathian Mountains divide Romania’s upper half from north to south. North and west of these ranges lies the Transylvanian plateau, and to the south and east are the plains of Moldavia and Walachia. In its last 306 km, the Danube River flows through Romania only. It enters the Black Sea in the northern Dobruja, jut south of the border with Ukraine.
Uzbekistan is a dry, landlocked country of which 11% consists of intensely cultivated, irrigated river valleys. More than 60% of its population lives in densely populated rural communities. Uzbekistan is now the world’s second largest cotton exporter, a large producer of gold and oil, and a regionally significant producer of chemicals and machinery. The IMF suspended Uzbekistan’s $185 million standby arrangement in late 1996 because of government steps to the negative external conditions generated by the Asian and Russian financial export and currency controls within its already largely closed economy. Economic policies that have repelled foreign investment are a major factor in the economy’s stagnation. A growing debt burden, persistent inflation, and a poor business climate led to disappointing growth in 2001. However, in December 2001 the government voiced a renewed interest in economic reform, seeking advice from the IMF and other financial institutions (World 7). After independence, Uzbekistan tried to support inefficient state enterprises and shield consumers from the shocks of rapid economic reform. These policies eventually led to severe inflation and an economic crisis. Reforms brought inflation down to manageable levels and small businesses began to grow. Larger institutions are seeking joint ventures with international corporations. However, currency and trade restrictions remain too tight to encourage significant foreign investment. Falling global gold, copper, and cotton prices also hurt the economy. A privatization program is slowly being implemented with international support. Privatization is necessary to raise hard currency and promote economic development (Republic 4).