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Romania’s Foreign Trade, Transportation, Credit System and national Riches in Modern Liberal Economic Thinking

The main aim of this paper is to analyze the consequences in foreign trade, transportation and the credit system of a nation because of the strengthening of the economic organism, through the economic and political reformation. The paper refers to the case of the Romanian Economy for the period 1859-1918. Romania’s modernization and development are the result of the contribution brought by the thinkers of that time, especially by the radical liberal thinkers. At the same time, we should not neglect the participation, more modest however, of the conservative thinkers and their contribution in the economic development of the country.


Introduction
The monarchy was trying to maintain the equilibrium between liberals and conservatives through their alternation regarding their power in ruling the country. Even so, liberals' weight in the political life was bigger, given their interest to solve some of the problems related to the necessity for the development and the modernization of the country and given their wide-ranging view of epoch's tendencies, covering wider categories of interests.

Data Analysis
Between 1900 and 1914, both exports and imports increased and the balance of trade was positive (for example in 1900 the balance of trade surplus was of 63.014 lei; in 1907 the surplus was 123.510 lei; in 1911 export overrunning the imports with 4.404 lei). In 1904 and 1908 the trade balance was negative because of the draught that affected the agriculture in the agricultural year 1903-1904 and because of the consequences of the 1907 peasants' revolts. A positive balance of trade for most of the years after that was occurred, showing an efficient Romanian foreign trade, however one can not justify the conclusion that the country would have had a positive balance of payments too. The explanation is that during 1901-1914 Romania had contracted foreign debts which it had to return, and on the other hand, the foreign capital which permeated Romania's economy was taking over the border remarkable profits which were hanging up heavily in the passive of the balance of payments.
The highest value of exports was reached in 1911 and of imports in 1912. This fact demonstrates, on the one hand the integration of the Romanian market in the international market circuit, and on the other hand the great dependence of the economy on foreign trade.
During 1901-1913 it is noticed a doubling of the total value of the foreign trade. As per capita foreign trade Romania occupied the eighth place in the world after Argentina, Holland, Belgium, England, France, Germany and the United States in 1913. Romania's structure of foreign trade (imports-exports) during 1913-15 is presented below in Table 2: At the same period, 1905, Constanţa was considered to be the fourth sea port in Europe, with a quite well shipment loading and unloading system, barrages, storage and warehouses for trade, grain elevators and dryers for cereals, etc. Satisfactory results were also obtained in the field of telecommunications. The telegraph and telephone were used in Romania a few years after their invention. For the telegraph, we should note that connection routes' length increase from 3420 km in 1873 to 3954 km in 1877, 5798 km in 1891 and 9062 km in 1913. It has been noticed a growth of 2,64 times between 1873 and 1913. With respect to telephone during 1894-1913, the number of telephone offices has grown from 3 to 1108, the telephone call boxes from 10 to 3304, and that of branch extensions from 177 to 17979.
Romanian transportation and telecommunications have stimulated the development of Romanian economy, strengthening its modern character. In this sense, an important measure that has been taken by the liberal government was to redeem the railway roads and get them managed by the Romanian state.
At the end of the nineteenth century, the banking and the credit system was already set up, being supported by the state, which participated with capital or by guarantying the financial operations. Through the banking and the credit system, there have been created conditions for insuring and guarantying of investments in all fields of activity. The National Bank, founded in 1880, was a strong state financial instrument existing in the hands of liberals for developing the industry and the trade.
The structure of the banking and the credit system at the beginning of the twentieth century is presented bellow in Figure 1:  Encyclopedic House Publishing, Vol. VII, Tom II, Bucharest, 2003, p. 124. We notice that the number of banking societies has grown from 1900 to 1914 by 7, 16 times (from 30 to 215), the social capital funds has increased almost 3 times (from 94,2 mil to 281, 5 mil lei), and the metallic stock of the National Bank of Romania has increased 3 times (from 49,2 mil lei to 153 mil lei). These data proves once more, how the banking and the credit system has evaluated in the direction of modernizing and of obtaining beneficial results for country's economy.
In Transylvania, we also assist to the transformation of the old credit system that relied on usury, into a modern banking system, under the control of the Austrian and Austro-Hungarian capital. At the end of the nineteenth century, the Magyar Banks owned over half of the total banking capitals, the Saxon ones owned 25-35% and the Romanian ones 15-20%. Although the percent of the Romanian banking capital was small compared with the others, the Romanians from Transylvania made efforts to set up their own banking network, from four credit institutions in 1879, to 97 in 1900.
The results obtained in the banking and the credit system spurred in a considerable measure economy's development and modernization and the behavior of economic agents, these data being confirmed by the opinions of the liberals of that time. In the fiscal field, the results obtained demonstrate that the state budget has increased ceaselessly, which got to the diversification of the Romanian economic life. Graphically, the evolution of incomes and budgetary expenses is presented below in Figure 2. It has been noticed that the revenues have increased from 60,1 million lei in 1863/1864 to 608,5 million in 1913/1914, and the expenses from 62,3 million lei to 512,2 million lei during the same period. The statistical data presented by V. Axenciuc, ( -2000 regarding the evolution of the budget from 1878 to 1914, show that until 1900, a period of 37 years, surpluses were present in 24 years.
This demonstrates once again that the promoted fiscal policy, in different measures by different governs, liberal or conservative, was contributing to the fulfillment of a necessary understructure for the modernization of the country, bringing his contribution to the realization of the economy in concordance with the exigencies of the international economy. From an economic point of view, in 1914, Romania was completely different from Romania in 1866. We can demonstrate this statement taking into consideration the evolution of all economy's sectors, the connections established between them, the national riches, the accumulated material goods made by the human activity and the natural goods capitalized as presented in Table 3:  1860-1939, Bucharest, 2000 Comparing this data, we notice remarkable increases in the field of transportation and communications 12347%, in industry 1923% and in the stock of account metal 1030%. This evolution describes clearly the alert rhythm of modernizing the national economy. The weight of different spheres in the national riches is presented below in Table 4:  1860-1939, Bucharest, 2000 After 50 years, the weight of the agrarian field has decreased almost by 20% that is also found in other spheres as well especially in transportation and industry. The foreign debt has increased by 8 times, suggesting that there were investments made with preponderance in transportation, industry, the municipal sector and probably in consumption. Romania's Foreign Trade,Transportation,Credit System and national Riches in Modern Liberal Economic Thinking 42 Conclusion During the period under study the positive results obtained in all spheres of the Romanian economy has affected the country positively and has reduced the country's difference from other Western countries. The development and the modernization of the Romanian society as well as the Romanian economy at the end of the nineteenth century and the beginning of the twentieth century, is due to the political elite, especially the liberal one, without underestimating the significant role of the conservative political elite as well.
Although the opinions of liberals and conservatives differed in many ways the methods an especially the modernization rhythm, "the contribution regarding the public institutions' participation in the process of infrastructure and public edifices building is sensible equal" 2 . The liberal ideas, especially the radical ones, had a remarkable impact on the economic life in Romania in the modern period, contributing to the country's integration in the world economy.