Template-Type: ReDIF-Article 1.0
Author-Name: Sebastian DOBOȘ 
Author-Email: sebastian.d.dobos@gmail.com 
Author-Workplace-Name: Gheorghe Zane Institute for Economic and Social Research, Romanian Academy, Iași Branch 
Title: A reassessment of the effectiveness of state financing and credit policies for small-scale agricultural holdings and rural development in interwar Romania (1918–1939): Historical lessons and contemporary parallels 
Abstract: Against the backdrop of current debates on rural resilience and the sustainability of small farms, this study reassesses state financing and credit policies in interwar Romania (1918–1939). Using a mixed design—archival statistical series, reconstructed macro aggregates, the 1930 General Census, demographic monographs, and qualitative sources (parliamentary debates, ministerial and cooperative reports, and agrarian doctrines)—it evaluates the effectiveness of land credit, cooperative finance, debt conversion, fiscal interventions, and cereal valorization for small-scale holdings. Evidence shows that, although policy ambition was high, effectiveness was limited by chronic undercapitalization, fragmented collateral, shallow intermediation, low agrotechnical adoption, adverse price shocks after 1929, and persistent human-capital and health-nutrition constraints. National wealth data reveal a land-heavy balance sheet even in 1938–39; Purchasing Power Parity (PPP) benchmarks indicate modest per capita levels by European standards and weak convergence. The article distills lessons for contemporary policy: finance is effective only when embedded in organizations, inputs, and risk-sharing arrangements that enable small farms to translate liquidity into capital deepening, productivity, and income stability 
Keywords: interwar Romania, agrarian reform, small-scale agricultural holding, agricultural credit, debt conversion, cooperative, price valorization 
Journal: Economy and Contemporary Society
Pages: 41-59
Volume: 30
Issue: 1
Year: 2025
File-URL:http://ices.acadiasi.ro/RePEc/zan/ecszan/2025/ECS_30_3.pdf
File-Format: Application/pdf
Handle: RePEc:ZAN:YGZIER:v:30:y:2025:i:1:p:41-59