New Economic Policy

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The New Economic Policy (NEP) (Russian: новая экономическая политика (НЭП), romanized: novaya ekonomicheskaya politika) was an economic policy of the Soviet Union proposed by Vladimir Lenin in 1921 as a temporary expedient. Lenin characterized the NEP in 1922 as an economic system that would include "a free market and capitalism, both subject to state control", while socialized state enterprises would operate on "a profit basis". Nouveau riche people who took advantage of the NEP were called NEPmen (нэпманы). The NEP represented an early form of market socialism to foster economic growth for the country, which had suffered severely since World War I and the Russian Civil War. The Soviet authorities partially revoked the complete nationalization of industry (established during the period of war communism of 1918 to 1921) and introduced a mixed economy which allowed private individuals to own small and medium-sized enterprises, while the state continued to control large industries, banks...

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