Lessons from the NEP experience for solving contemporary economic problems (to the 100th anniversary of the transition to NEP)

Yu. Goland
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Yu. Goland: Institute of Economics, Russian Academy of Sciences Moscow, Russia

Journal of the New Economic Association, 2022, vol. 56, issue 4, 172-193

Abstract: The article analyzes the experience of New economic policy (NEP), some of its features, the study of which may be helpful in solving the problems of the modern domestic economy. Certain similarities are obvious between the mixed economy of the NEP period, which V. Lenin called state capitalism, and the modern market economy with the growing role of the state. Within the framework of the chosen topic of NEP lessons, five key research areas have been identifi ed: 1) selection of qualified personnel, 2) limitation of the excessive control system, 3) monetary policy, combining fighting inflation and stimulating economic growth, 4) a stable exchange rate of the domestic currency or devaluation; 5) attracting foreign capital. For each of these areas, the problems during the NEP period are highlighted. They were caused not only by the complexity of the economic recovery following the civil war. Contradictions in the ruling stratum of the Communist Party were also of great importance. The communists with high posts in the economy considered the development of productive forces to be the main priority and proceeded from the need to stimulate an increase in production. Party ideologists and apparatchiks, representatives of various control bodies, were guided primarily by political and ideological considerations. As a result of these contradictions, economic policy was often inconsistent. The study of the NEP experience lets us find the positive lessons that can be used in modern conditions, and those negative features that should not be repeated.

Keywords: new economic policy; NEP; human resources; control; infl ation; economic growth; devaluation; foreign investment (search for similar items in EconPapers)
JEL-codes: B14 E22 E31 E52 F21 F35 H62 M12 N14 N34 O40 P20 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2022:i:56:p:172-193

DOI: 10.31737/2221-2264-2022-56-4-8

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