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New Economic Policy (view source)
Revision as of 20:33, December 27, 2006
, 20:33, December 27, 2006no edit summary
The New Economic Policy, also know 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 indusries, however, and private ownership was limited to small factories, farms, and stores.