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.
The NEP increased the russian GDP between 1921 and 1928.
Prices shown in USD.
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