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New Economic Policy

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The New Economic Policy (NEP) (Russian: новая экономическая политика (НЭП), romanized: novaya ekonomicheskaya politika) was an economic policy of the Soviet Union proposed by V. I. Lenin in 1921 as a temporary expedient. Lenin characterized the NEP in 1922 as an economic system that would include "a free market and capitalism, both subject to state control", while socialized state enterprises would operate on "a profit basis". Nouveau riche people who took an advantage of the NEP were called NEPmen (нэпманы).