Lenin's New Economic Policy (NEP), introduced in 1921, aimed to revive the Soviet economy following the devastation of the Russian Civil War and War Communism. It reintroduced limited market mechanisms and private enterprise, allowing small businesses and farms to operate for profit while the state retained control over key industries. The NEP was intended to stabilize the economy, increase agricultural production, and improve living standards, ultimately paving the way for the eventual transition to socialism.
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