New Economic Policy


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New Economic Policy

(NEP), official economic reconstruction program of the USSR from 1921 to 1928. It replaced the economic policies of "war Communism" (1918–21), an emergency program established by LeninLenin, Vladimir Ilyich
, 1870–1924, Russian revolutionary, the founder of Bolshevism and the major force behind the Revolution of Oct., 1917. Early Life
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 during the civil war. War Communism had included forced requisition of grain, nationalization of all trade and industry, strict control of labor, payment in kind, and confiscation of financial capital. As a result of this program and of the ravages of the war, industrial and agricultural production declined sharply, and the population suffered severe deprivation. General unrest erupted in an insurrection in the Kronstadt naval base. At this time (Mar., 1921) Lenin introduced the NEP in order to revive the economy. The new program signified a return to a limited capitalist system. Forced requisition of grain was replaced by a specific tax in kind; peasants could retain excess produce and sell it for a profit. Smaller businesses were permitted to operate as private enterprises. Large industries remained under state control. They operated on the open market, but the state controlled the fixing of prices and the appointment of boards of directors. Private trade and wages were restored, and compulsory labor service was abolished. By 1928, the NEP had raised the Soviet national income above its prewar level. However, the NEP policies proved inadequate for the expansionist aims of Stalin and were reversed (1928) by the first Five-Year PlanFive-Year Plan,
Soviet economic practice of planning to augment agricultural and industrial output by designated quotas for a limited period of usually five years. Nations other than the former USSR and the Soviet bloc members, especially developing countries, have adopted such
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References in periodicals archive ?
Students and practitioners of industrial relations know that the new economic policy in India did trigger a large number of conflicts in the early 1990s, primarily due to the changes that management sought to bring about.
The move is part of a review of all WAG's overseas operations after the launch of the new economic policy, 'Economic Renewal: a new direction'.
These special privileges are not only enshrined in the Constitution but also manifested in the affirmative action policy known as the New Economic Policy.
The industry was restricted to just a few private and government companies till the New Minerals Policy of 1993 -- an extension of the new economic policy of 1991 -- allowed foreign- based companies to invest in and exploit India's minerals.
Malaysia wants South Korea to take advantage of policy initiatives in the New Economic Policy and the 10th Malaysia Plan to explore opportunities and expand its business in the country.
He asked the cabinet ministers to utilize to the utmost the new economic policy framework of private-public partnership, reliance on trade instead of aid and making workers shareholders in the state run enterprises as catalysts for development.
The President advised the provincial government and the MPs to explore ways and means to benefit the people from the new economic policy framework adopted by the government.
Summary: MEDEF (French Employers) President Laurence Parisot has called on Tuesday here, French enterprises to adapt to Algeria's new economic policy, as defined in the 2009 additional Finance Act.
However, our countries should consolidate and institutionalize the new economic policy measures and tools developed to respond to the crisis.
But if new economic policy is enacted soon, he believes commercial real estate will have the tools in place to ride out the recession.
TOKYO - The Cabinet approved Japan's new economic policy guidelines Friday, pledging to continue making maximum level efforts to cut government spending and restore the country's fiscal health.
Summary: It was a telling sign that one of the first things Barack Obama did after clinching the Democratic Party nomination was to hire a new economic policy director, someone who can help him move from the anti-NAFTA left of the party toward the pro-market center that traces its lineage to Clinton administration Treasury secretaries.