ABSTRACT
Paper purpose – In this paper we shall follow the history of economic development in Romania and have a brief discussion on the communist inheritance.
Approach/method – We shall look at a few studies that attempted to explain the entrepreneurial phenomenon in Romania.
Findings – The revolution of 1989 meant political and ideological freedom for the citizens of Romania. Even if the standard of living of many Romanians today is slightly higher than fifteen years ago, unemployment, rampant inflation, legal and political instability have contributed to a general dissatisfaction among the population of Romania with the current conditions. On the eave of the revolution and with the disintegration of the Warsaw Pact, Romania lost its market to the former USSR, resulting in lower production levels and firms with spare capacity those in turn mean underutilized assets.
Originality/value – We shall present the conclusion of a recent study of fifty-one questions administered to one hundred and sixty-two newly formed firms in Romania.

Author:

Matei Gabriel Andrei
“Valahia” University, Targoviste, Romania

Keywords – entrepreneur, development, small and medium private enterprises

JEL Classification – N15, P20

Paper type – Research paper

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THE ROMANIAN ENTREPRENEURIAL SYSTEM