Alongside Mihai Gheorghiu Bujor and Frimu, Rakovsky was one of the founders of the Romanian Social Democratic Party (PSDR), serving as its president. In May 1912, he helped organize a mourning session for the centennial of Russian rule in Bessarabia, and authored numerous new articles on the matter. He was afterwards involved in calling for peace during the Balkan Wars; notably, Rakovsky expressed criticism of Romania's invasion of Bulgaria during the Second Balkan War, and called on Romanian authorities not to annex Southern Dobruja. Alongside Frimu, Bujor, Ecaterina Arbore and others, he lectured at the PSDR's propaganda school during the short period the latter was in existence (in 1910 and again in 1912–1913).