Question

Write about Lenin’s new economic policy.

Answer 1

Lenin’s New Economic Policy was a curious mixture of privatisation and nationalisation. Under this policy, private industry and business concerns were allowed to exist. The important avenues of the New Economic Policy involved the following—collective farming, open market, new currency, small and large scale industries etc. The policy resulted in a major increase in agricultural and industrial production. More land was brought under cultivation and business concerns were allowed to trade in the open market. However, transport and external trade were still kept under tight Government control.