Choose the given statement as true/false:
The new economic policy in Russia was started by Vladimir Lenin.

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Detailed Solution

The above statement is true.
Vladimir Lenin suggested the New Economic Policy as a short-term solution for the Soviet Union's economic problems in 1921. In 1922, Lenin described the NEP as a financial system that would feature "a free market and capitalism, both subject to state control," while socialized state businesses would use "profit-based" operations. The NEP offered a more market-oriented approach to promoting the nation's economy, which had been seriously suffering since 1915. As a result, the Soviet authorities developed a mixed economy that enabled private citizens to own small and medium-sized businesses. At the same time, the state continued to manage large industries, banks, and foreign commerce. They also partially repealed the complete nationalization of industry.

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