New Economic Policy

New Economic Policy (NEP) was an economic policy introduced by Lenin after the failed methods of War communism. These New Economic Policies were to revive the Russian economy. The new policy was a combination of private enterprise and state socialism. This is because the people did not believe in War communism.

The New Economic Policies meant that Russia returned to a partly capitalist society. This sorted out the problems of mass starvation and Famine which War communism had caused.

Lenin did not want Russia to stay in this way, he only introduced them to be supported again by the Russian people, and to revive the economy. In 1928 Joseph Stalin abolished the NEP.