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What kind of economy was the new economic policy?

Updated: 8/20/2019
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8y ago

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The NEP (New Economic Policy) was designed to allow and attract foreign capital and investment into Russia to build its appallingly terrible economy. It was to allow the development of capitalism to an extent, but this capitalist element of the economy was kept small and helped the Bolsheviks establish socialism. Russia's economy under the NEP could not really be described as anything in particular (as there was not much of an economy in the first place), but if you had to put a label on it, you could say it was socialistic.

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