New economic policy (mar 1, 1921 – mar 1, 1921)

Description:

- Introduced by Lenin during the 10th Congress of the Russian Communist Party which took place between March 8th-16th, 1921
- Different from previous economic approaches by the Party for running the country
- A key part of the New Economic Policy was the introduction of a “tax-in-kind”, which allowed the tax to be paid in goods or services instead of money, and was set much lower than previous tax quotas
- Brought the Soviet economy back up by 1927 and was replaced by the 5-year-plans under Stalin.

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