Which Way Goes Romanian Capitalism? – Making a Case for Reforms, Inclusive Institutions and a Better Functioning European Union
This paper examines the Romanian economy and its version of capitalism from a long-term perspective and in a broad context. It focuses on economic prospects in the face of a legacy of backwardness and the endurance of domestic weaknesses, in the context of the Great Recession and the eurozone crisis...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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European Institute of Romania
2013-12-01
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| Series: | Romanian Journal of European Affairs |
| Subjects: | |
| Online Access: | https://rjea.ier.gov.ro/wp-content/uploads/articole/RJEA_2013_vol13_no4_dec2013_art1.pdf |
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| _version_ | 1850167113981886464 |
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| author | Daniel Dăianu Bogdan Murgescu |
| author_facet | Daniel Dăianu Bogdan Murgescu |
| author_sort | Daniel Dăianu |
| collection | DOAJ |
| description | This paper examines the Romanian economy and its version of capitalism from a long-term perspective and in a broad context. It focuses on economic prospects in the face of a legacy of backwardness and the endurance of domestic weaknesses, in the context of the Great Recession and the eurozone crisis.
Romania has a pressing need to mobilise its internal resources and absorb EU funds on a much greater scale so that it can enhance economic growth and mitigate external shocks. To this end, Romania needs to undertake thorough reforms in the public sector, combat rent-seeking and waste, foster domestic savings. The functioning of institutions and of taxation should convey a sense of fairness to citizens. Romania needs to rethink its growth model. Romania must improve its education system by increasing the level of resources assigned to education and creating coherent policies to strengthen institutional capacities and to improve quality standards. The Romanian economy would benefit
significantly from EU policies that are more responsive to the economic and social fractures revealed by the current crisis. Not least, financial markets have to be tamed in Europe and elsewhere if they are to serve economies.
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| format | Article |
| id | doaj-art-94b455afbc02492a90f1ead634220eb6 |
| institution | OA Journals |
| issn | 1582-8271 1841-4273 |
| language | English |
| publishDate | 2013-12-01 |
| publisher | European Institute of Romania |
| record_format | Article |
| series | Romanian Journal of European Affairs |
| spelling | doaj-art-94b455afbc02492a90f1ead634220eb62025-08-20T02:21:16ZengEuropean Institute of RomaniaRomanian Journal of European Affairs1582-82711841-42732013-12-01134534Which Way Goes Romanian Capitalism? – Making a Case for Reforms, Inclusive Institutions and a Better Functioning European UnionDaniel Dăianu0Bogdan Murgescu1Professor of Economics at the National School of Political and Administrative Studies, BucharestProfessor of Economic History at Bucharest UniversityThis paper examines the Romanian economy and its version of capitalism from a long-term perspective and in a broad context. It focuses on economic prospects in the face of a legacy of backwardness and the endurance of domestic weaknesses, in the context of the Great Recession and the eurozone crisis. Romania has a pressing need to mobilise its internal resources and absorb EU funds on a much greater scale so that it can enhance economic growth and mitigate external shocks. To this end, Romania needs to undertake thorough reforms in the public sector, combat rent-seeking and waste, foster domestic savings. The functioning of institutions and of taxation should convey a sense of fairness to citizens. Romania needs to rethink its growth model. Romania must improve its education system by increasing the level of resources assigned to education and creating coherent policies to strengthen institutional capacities and to improve quality standards. The Romanian economy would benefit significantly from EU policies that are more responsive to the economic and social fractures revealed by the current crisis. Not least, financial markets have to be tamed in Europe and elsewhere if they are to serve economies. https://rjea.ier.gov.ro/wp-content/uploads/articole/RJEA_2013_vol13_no4_dec2013_art1.pdfcapitalismromaniaeurozonetransitioneconomic growthcrisis |
| spellingShingle | Daniel Dăianu Bogdan Murgescu Which Way Goes Romanian Capitalism? – Making a Case for Reforms, Inclusive Institutions and a Better Functioning European Union Romanian Journal of European Affairs capitalism romania eurozone transition economic growth crisis |
| title | Which Way Goes Romanian Capitalism? – Making a Case for Reforms, Inclusive Institutions and a Better Functioning European Union |
| title_full | Which Way Goes Romanian Capitalism? – Making a Case for Reforms, Inclusive Institutions and a Better Functioning European Union |
| title_fullStr | Which Way Goes Romanian Capitalism? – Making a Case for Reforms, Inclusive Institutions and a Better Functioning European Union |
| title_full_unstemmed | Which Way Goes Romanian Capitalism? – Making a Case for Reforms, Inclusive Institutions and a Better Functioning European Union |
| title_short | Which Way Goes Romanian Capitalism? – Making a Case for Reforms, Inclusive Institutions and a Better Functioning European Union |
| title_sort | which way goes romanian capitalism making a case for reforms inclusive institutions and a better functioning european union |
| topic | capitalism romania eurozone transition economic growth crisis |
| url | https://rjea.ier.gov.ro/wp-content/uploads/articole/RJEA_2013_vol13_no4_dec2013_art1.pdf |
| work_keys_str_mv | AT danieldaianu whichwaygoesromaniancapitalismmakingacaseforreformsinclusiveinstitutionsandabetterfunctioningeuropeanunion AT bogdanmurgescu whichwaygoesromaniancapitalismmakingacaseforreformsinclusiveinstitutionsandabetterfunctioningeuropeanunion |