Bucharest Uiversity of Economics

Short History of Bucharest

Short History of Bucharest


Bucharest is the main political and administrative centre of the country and here there are the Presidency, the Parliament, the Government, the headquarters of the main political parties, cultural and educational institutions, financial and commercial institutions and banks.

Bucharest has a surface of 228 sqkm (0.8 % from Romania 's surface), out of 70% is built area. The city lays at 44°24'49" Northern latitude (like Beograd, Geneve, Bordeaux, Minneapolis) and 26°05'48" Eastern longitude (like Helsinki or Johannesburg), in the south at 64 km north from the Danube River, 100 km from the Carpathians and 250 km west from the Black Sea.


Archaeological vestiges found all over the area covered by Bucharest nowadays have revealed evidence of ancient settlements, some over 150,000 years old.

15 th century

The documents issued by the Wallachian Chancellery between 1459 - 1625 recorded 41 settlements on the city's present-day territory.

The first reference to the name of Bucharest dates back to September 20, 1459 ); it is a document by which the Prince Vlad the Impaler (Vlad Tepes) confirmed a donation made to some small feudal lords.

Under the rule of Prince Vlad the Impaler, Bucharest was elevated to a princely court and set it on its way to playing a decisive role in the further development of the settlement.

Thus, the city area doubled its area at the beginning of the 15th century and new districts populated by craftsmen emerged.

From the beginning of the 15th century to the end of the feudal period, Bucharest knew a continuous economic and social development despite natural disasters and wars, thus becoming one of the main industrialized city centers of South - Eastern Europe .

18th century

The first small-scale industries were established starting with the 18th century.

19 th century

In 1830, the City Council (the Local Public Administration) was established and the city was divided into five administrative areas (districts). The first Survey Plan of the Bucharest City was drawn up by the City Hall in 1846.

After the establishment of the Romanian national state (on January 24, 1859 ), Bucharest became the Capital city of modern Romania in 1862. As a result, it grew and developed dramatically.

The first institutions to be established in the Capital city were: The Chamber of Commerce and Industry (1858), the Bucharest Stock Exchange (1881), the National Bank of Romania (1880), the most important of all for a long period of time.

The end of the 19th century marks the development of capitalist relationships and the creation of a banking system after new banks sprang up: Marmorosch Bank, General Bank of Romania, Clearing Bank, Romanian Bank.

20 th century

The Baneasa Airport was opened in 1921, and SARTA Society for Airline Transport was founded in 1931, changing its name into the state-owned "Romanian Airlines" - two years later.

Over the Communist period, the construction industry had a significant contribution to the economy of the city. If the main industrial branches developed in Bucharest before 1950 had been the light and the food industry (57.9 %) and the chemical industry (24.1%), in 1982 the chemical industry alone accounted for 55% of the overall industrial structure.

The city's administrative areas are reorganized. Instead of 5 districts, Bucharest is now divided into 6 districts numbered clockwise. They are disposed radially so that each one has under its administration an area of the city center.

Bucharest has several sister cities, around the world: Athens ( Greece ), Atlanta ( United States ), Amman ( Jordan ), Ankara ( Turkey ).

21 st century

After the year 2000, due to the advent of Romania 's economic boom, the city has modernized and is currently undergoing a period of urban renewal. Various residential and commercial developments are underway, particularly in the northern districts, while Bucharest 's historic centre is currently undergoing significant restoration.

Bucharest adds to its list of sister cities the following: Beijing ( China ), Chisinau ( Republic of Moldova ), Montreal ( Canada ) and Nicosia ( Cyprus ).



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