After the end of the second World War, Romania switched its economic system to a socialist-command base economy thanks to Soviet occupation of several areas in Romania. In addition to this economic change, Romania experienced rapid industrialisation in an attempt to create a "multilaterally developed socialist society". Later on in the 70s, Romania grew even more and development increased by a substantial amount thanks to some foreign credits. Unfortunately, this lead to many foreign debts which peaked at approximately 11-12 billion dollars.
Romania managed to pay it all off during the 1980s by implementing severe economic changes which deprived Romanians of basic consumer goods for a while. This ended in 1989 when the last of the countries occupied by the Soviets abandoned the communist regime after the planned economic system resulted in political stagnation and economical bankruptcy.
Bibliography: Andrews, Sandy. "Post WWII European Ag." Post WWII European Ag. Iowa University State Department of History, n.d. Web. 05 June 2015. <http://rickwoten.com/PostWWIIEuropeanAg.html>.
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