New Economic Policy
The New Economic Policy (NEP) was introduced in 1921 by the Soviet leader Vladimir Lenin as a response to the economic challenges following the Russian Civil War. It aimed to revive the economy by reintroducing limited market mechanisms and private ownership in agriculture and small businesses, while the state retained control over major industries.
The NEP marked a significant shift from the previous policy of War Communism, which had centralized economic control and led to widespread discontent. By allowing farmers to sell their surplus produce and encouraging private trade, the NEP helped stabilize the economy and improve living conditions for many citizens in the early 1920s.