Subsequent to the collapse of the communist regime in 1989, Romania has undergone political and economic changes which have determined radical changes in industrial relations (IR). Nevertheless, ten years after the fall of the communist regime, the old and new elements still exist side by side, although labour legislation and an institutional framework similar to those in developed countries has been adopted. It appears that communist legacies, such as the specific economic and political context which exists in Romania, the lack of experience of all the actors involved in IR and also the current international context have all had an important impact on the emerging IR system in Romania. Nevertheless, there has been very little empirical research into how the IR system works in practice and how terms and conditions of employment are established and implemented at company level. The aim of this paper is, firstly, to present a new perspective on Crouch’s exchange theory of IR (1993) and, secondly, to use this approach to analyse empirical findings regarding the changes which have occurred in IR at the company level in Romania since 1989. The empirical findings will be presented for each of the six categories investigated, analysing the development of IR since 1989. After that, a synthesis of the findings will be presented in an attempt to answer the research questions indicated in the next section.