What was Lenin's New Economic Policy?

Question

Quizplus · Accepted Answer

Lenin's New Economic Policy, introduced in 1921, was a temporary measure to introduce some elements of capitalism in the Soviet economy to help transition from the devastation of the Russian Civil War. The policy allowed small-scale private ownership and profit, while maintaining government control of the major industries and banks. This helped revive the economy, but it was strictly in place until the economy stabilized and socialism was fully implemented.

What Was Lenin's New Economic Policy