Under the New Economic Policy, the Bolsheviks

Name: Under the New Economic Policy, the Bolsheviks
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Under the New Economic Policy (NEP), the Bolsheviks allowed for the return to small-scale capitalism. This policy was introduced by Lenin. The NEP was adopted in 1921 and allowed peasants to sell their surplus crops in open markets and enabled small traders to operate freely. The state still controlled larger industries, but the NEP brought some economic freedom and encouraged private initiative.