The National Peasants' Party was an agrarian political party in the Kingdom of Romania. It was formed in 1926 through the fusion of the Romanian National Party (PNR), a conservative-regionalist group centred on Transylvania, and the Peasants' Party (PȚ), which had coalesced the left-leaning agrarian movement in the Old Kingdom and Bessarabia. The definitive PNR–PȚ merger came after a decade-long rapprochement, producing a credible contender to the dominant National Liberal Party (PNL). National Peasantists agreed on the concept of a "peasant state", which defended smallholding against state capitalism or state socialism, proposing voluntary cooperative farming as the basis for economic policy. Peasants were seen as the first defence of Romanian nationalism and of the country's monarchic regime, sometimes within a system of social corporatism. Regionally, the party expressed sympathy for Balkan federalism and rallied with the International Agrarian Bureau; internally, it championed administrative decentralization and respect for minority rights, as well as, briefly, republicanism. It remained factionalized on mainly ideological grounds, leading to a series of defections.