NEP
Acronym for “new economic policy.” Introduced by Lenin in 1921 as an attempt to save an economy ravaged by the civil war. The NEP was a form of “capitalism light” in which the government maintained control over large industries, but private wages and trading on a small scale were allowed. In many ways the NEP was an insult to the communistic ideals of the revolution and was extremely controversial.
Get the NEP mug.