Question

Write about Lenin’s New Economic Policy.

Answer 1

Lenin introduced a new Economic Policy which consisted of both privatisation and nationalism to some extent.

• Industry and property were allowed only to a limited extent.
  
• The policy caused a big increase in agriculture and industrial production.
  
• A greater area of land was brought under cultivation.
  
• Although private industries were allowed to form, they could buy and sell their products in the open market only to a small extent.
  
• Transport and external trade were kept under the total control of the government.