This paper focuses mainly on the analysis of the firms' financing structure, the rationale being that it is a relevant element for the growth potential of the real sector and, implicitly, the national economy. Data at European level illustrate that insufficient own sources entail a modest level and quality of investment, thereby confining the contribution of capital to economic growth. Information at microeconomic level pinpoints that high indebtedness, for a significant part of domestic companies, when the economic crisis broke out, caused the investment rate to decline more abruptly. Specifically, it appears that overlyindebted companies carry out a marked pro-cyclical economic activity, which is, however, vulnerable to significant corrections required by adverse economic events. In general, heavily-indebted companies continue to report weaker financial indicators and lower productivity than the firms for which own sources of financing are prevalent in the balance sheet. These developments, combined with the large share of the hidden economy, weigh on competitiveness and the sustainable growth prospects of Romania's economy.

s early as the dawn of modern age, Benjamin Constant (1819) wrote that the current democracy, unlike the ancient one, based on slavery and perpetual wars, is based on capital, while Braudel (1979) shows that capitalism as a concept could not exist without the other concepts preceding it in the sequence they occur in society, i.e. capital and capitalist. Therefore, I regarded capital, meaning the foundation of both democracy and capitalism, as a particularly challenging object of study from the standpoint of its formation, development, location in the economy and ownership in post-communist Romania. I deem the amount, quality, origin and behaviour of capital are pivotal for a solid democracy and an efficient functioning of capitalist market economy in our country. The book Capital in post-communist Romania, based on long data series, may cast a historical perspective on the economic and social phenomena and processes under scrutiny. They are meant to help devise and implement public policies for making the objectively necessary corrections to the Romanian society after such an intricate transition, as well as to prepare the actions for securing Romania’s future development. I viewed this scientific endeavour as useful after identifying a shortage of information and, against this backdrop, of analysis on economic and social results of Romania’s transition, also by comparison with other former communist countries.