logo

Video encyclopedia

Nationalization in Romania

2:34

ISRAEL: JERUSALEM: ROMANIAN PRIME MINISTER RADU VASILE VISIT

1:09

(ENG SUBS) DPR head: Nationalization of all Ukraine enterprises will be completed today

2:42

Izvorul mineral PIATRA ALBA Mineral Water Spring (Casin area, Harghita County, Romania)

2:36

Italian Unification Explained as Short as Possible

3:55

Castelul Bran (Dracula), Cetatea Rasnov , Castelul Cantacuzino Bucegi - DJI Mavic 2

The nationalization of the means of production was a measure taken by Romania's new Communist authorities in order to lay the foundation of socialism. The act that allowed this measure to take place was Law 119, adopted by the Great National Assembly on June 11, 1948. Article 1 decreed subject to nationalization "all the wealth of the soil not in the property of the state at the time of entry into force of the Constitution of the Romanian People's Republic, as well as individual enterprises, societies of any type and private industrial, bank, insurance, mining, transport and telecommunications associations". Nationalized were 8,894 industrial, mining, transport, banking and insurance companies, followed in November 1948 by 383 cinemas and medical-sanitary facilities. By 1950, the measure was applied to chemical enterprises, pharmacies and remaining economic entities.
    Explore contextually related video stories in a new eye-catching way. Try Combster now!