Lenin's New Economic Policy in 1921

Question

Quizplus · Accepted Answer

Lenin's New Economic Policy (NEP), introduced in 1921, was a strategic retreat from full socialism to revive the Russian economy after the devastating effects of World War I, the Russian Revolution, and the Civil War. It permitted some degree of private ownership and capitalism in certain sectors of the economy. Specifically, it allowed private workshops to produce goods, private merchants to trade, and peasants to sell some of their produce while the state retained control over major industries. It also permitted private ownership of small and medium-sized enterprises, making all the options correct.