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RESEARCH PRODUCT

THE CRISIS OF 1929-1933 AND ITS EFFECTS ON THE INDUSTRIALEVOLUTION OF ROMANIA

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The Great Depression of 1929-1933 was a global phenomenon that had experienced various aspects and degrees of intensity, from country to country. Thus, that period exhibited a financial crisis, a crisis of production and trade, and a social crisis; all of which had direct effects on Romania's industrial evolution. After increasing the role of the industry in thenational economy during the 1920s, the economic crisis temporarily interrupted this development and was initially reflectedin the collapse of income, prices, investments, a multiplying number of bankruptcies, and a rapid growth of unemployment. Meanwhile, Romania's industrial output fell continuously until reaching its peak, in 1932, when it it accounted for less than half of the industrial output achieved in 1929. In this context, this paper examines the impact of the Great Depression on Romania's industrial evolution.