New Economic Policy (mar 19, 1921 – dec 28, 1927)
Description:
March 1921: Lenin introduced the NEP in an attempt to mollify counter-revolutionaries and help the economy recover.-Grain requisitioning was abolished.
-A 'tax in kind' was introduced; peasants had to pay tax, but less than was taken under requisitioning.
-Ban on private trade removed.
-Small-scale businesses allowed under private ownership.
-State maintained control of heavy industry.
Added to timeline:
Date:
mar 19, 1921
dec 28, 1927
~ 6 years and 9 months