New Economic Policy

American  

[noo ek-uh-nom-ik -pol-uh-see, ee-kuh-, nyoo] / ˈnu ˌɛk əˈnɒm ɪk ˈˈpɒl ə si, ˌi kə-, ˈnyu /

noun

1. (in the Soviet Union) a program in effect from 1921 to 1928, reviving the wage system and private ownership of some factories and businesses, and abandoning grain requisitions. NEP, Nep, N.E.P.

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New Economic Policy British  

noun

1.  NEP.  an economic programme in the former Soviet Union from 1921 to 1928 that permitted private ownership of industries, etc

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Example Sentences

What was a result of the New Economic Policy?

From Textbooks • Dec. 14, 2022

Beginning in 1928, Stalin ordered a definitive break with the limited market exchange of the New Economic Policy, announcing a “Great Turn” towards industrialization, state-controlled economics, and agricultural reorganization.

From Textbooks • Jan. 1, 2020

He was a decade older than Gorbachev, brought up in an intelligentsia circle in 1920s Moscow during the comparatively liberal years of Vladi­mir Lenin’s New Economic Policy, before Stalin came to power.

From Washington Post • Mar. 15, 2017

These works were generally commemorative, marking the successes of Lenin’s New Economic Policy or Stalin’s Five Year Plan.

From New York Times • Apr. 10, 2011

That link was severed in the Soviet Union in the late 1920s, when Lenin's relatively liberal New Economic Policy was replaced by Stalin's industrial planning and forced collectivization of agriculture.

From Time Magazine Archive