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The Soviet policy that allowed for private ownership of manufacturing, service-oriented, and foreign trade businesses was known as the "New Economic Policy" (NEP), introduced by Vladimir Lenin in 1921. The NEP aimed to revitalize the economy after the disruptions of the Russian Civil War by reintroducing some elements of capitalism, such as allowing small private enterprises to operate alongside state-run industries. This policy marked a significant shift from previous policies that emphasized complete state control over the economy, facilitating a degree of private ownership and entrepreneurial activity.

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