It has been claimed by scholars, both within Romania and elsewhere, that Communist rule “saved” Romania from the economic crisis that existed in the 1930s. A close analysis reveals, however, that the economic achievements of the regime are comparable to those which have occurred elsewhere in Europe under different political systems. It is argued that Romania's relative position among the industrial nations has remained about the same as it was in the pre-socialist period. Moreover, there is much evidence that the socialist period represents less of a break with theancien regimethan the Romanian leaders claim. It is suggested in this article that Romania is closer to the structure of the “corporatist” society outlined by social theorists in the 1930s than is generally recognized.