A period in the early years of the Soviet Union from 1921-1924 was called _______, which was essentially _______
A) the New Economic Policy; the beginning of socialist planning
B) Lenin's last years; the beginning of socialist planning
C) the early communist period; an interim period of a continuation of the market system
D) the New Economic Policy; a partial reinstitution of the market as an allocative mechanism

Question

Quizplus · Accepted Answer

The period in the early years of the Soviet Union from 1921-1924 was called the New Economic Policy (NEP), which was essentially a partial reinstitution of the market as an allocative mechanism. The NEP allowed for limited private enterprise and a degree of market competition to revive the Soviet economy, which had been devastated by the Russian Civil War and war communism policies. However, the state maintained control over key industries and resources, and eventually replaced the NEP with more centralized planning under Stalin in the late 1920s.

A Period in the Early Years of the Soviet Union