New Economic Policy
The New Economic Policy, also known as NEP was announced by Vladimir Lenin in March 1921 in an attempt to restore trade and industry to Russia. The NEP permitted some capitalism to create incentives and it allowed for some foreign investment. Peasants were now able to sell surplus crops and merchants were allowed to profit. The government still controlled all major industries, however, and private ownership was limited to small factories, farms, and stores.
- The Earth and Its Peoples A Global History, Bulliet et al, 2005