Answer:
The new economic policy (NEP) was a set of economic reforms instituted by the Soviet Union in 1921. The NEP was implemented as a response to the economic challenges and shortages faced by the country following the Russian Revolution of 1917 and the Civil War that followed. The main features of the NEP were:
Step-by-step explanation:
A shift from war communism to a mixed economy, allowing for limited private enterprise and market mechanisms, while still maintaining state control over key industries.
The introduction of a new currency, the gold-backed chervonets, to replace the old, inflationary ruble.
The implementation of a tax on private businesses, to be used to fund the state's investment in industry and infrastructure.
The introduction of a food rationing system, to ensure that basic necessities were available to all citizens.
The establishment of a state monopoly on foreign trade, to protect the domestic market and generate revenue for the state.
Overall, the NEP was a significant change in economic policy for the Soviet Union, allowing for some market-based mechanisms and private enterprise, while still maintaining state control over the economy. It was implemented as a temporary measure to address the economic challenges of the time, and was eventually replaced by a more centralized, planned economy in the late 1920s.