Russian New Economic Policy

Politburo

  • Committee that functioned as the executive branch and in charge of making decisions for Russia
  • Favored establishing socialism in only one country, eventually resulting in the breakup of USSR(multiple republics) into just Russia
  • Stalin promoted socialism
  • The Politburo ended with the Great Purge

Socialism: social ownership of production and management of the economy(shared economy)

USSR (Soviet Union)

  • State consisted of multiple republics
  • Existed from 1922 and 1991
  • Governed as a single-party state by the Communist Party with Moscow as its capital

Private Enterprise

  • The state controlled all aspects of industry, as well as lacked needed Western products
  • Socialism promoted public enterprise and autonomous cooperatives
  • Lenin made the New Economic Policy(NEP), which restored the market economy and some private enterprise
  • Also allowed peasants to sell their own products