Policy proclaimed by Vladimir Lenin in 1924 to encourage the revival of the Soviet economy by allowing small private business and farming using markets instead of communist state ownership. His idea was that the Soviet state would just control "the commanding heights" of the economy like major industry, while allowing ordinary citizens to operate business and property ownership as normal. Joseph Stalin ended this in 1928 and replaced it with greater state ownership, collectivization, and a series of Five-Year Plans.

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