What policy did Vladimir Lenin announce in 1924 to revive the Soviet economy by allowing small private enterprises?

The New Economic Policy (NEP) was introduced by Vladimir Lenin in 1924 as a strategic approach to revive the Soviet economy after the devastation of the Russian Civil War and the rigid policies of War Communism. Under the NEP, small private enterprises were permitted, allowing individuals to operate businesses and farms in a limited capacity, thereby stimulating production and economic recovery. This policy essentially represented a temporary retreat from the complete nationalization of industry and agriculture that had characterized War Communism, recognizing the necessity of market mechanisms to incentivize productivity and address food shortages.

By permitting private ownership for small scale businesses and encouraging private trade, the NEP aimed to boost agricultural output and stabilize the economy, which had suffered from extreme state control and economic dislocation. This was a pragmatic response to the realities of the economic situation, allowing for a mixed economy where the state maintained control over major industries, while smaller enterprises could contribute to the livelihood of citizens.

The other options relate to different periods or aspects of Soviet economic policy. War Communism was a policy from the earlier years of the Soviet regime that emphasized state control of all economic activity. Collectivization refers to the policy enacted in the late 1920s and 1930s aimed at consolidating individual