New Economic Policy under Lenin summarised

What was the NEP?

The New Economic Policy, announced in 1921, was a solution after the failures of War Communism to improve the economy whilst also consolidating communist power. It was the opposite to War Communism, giving some power back to the peasants to traide their own produce for a small tax that was paid in grain. Furthermore, under the NEP, a new currency was introduced to stop inflation. These measures, despite going against a typical communist economy, were described by Lenin as a 'tactical retreat'.

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