Sunday marked the 100th anniversary of the start of Lenin’s New Economic Policy (NEP). In a stunning about-face on March 21, 1921, the NEP began undoing the previous four years. Expropriation of businesses and the nationalization of industries stopped. Lenin proclaimed a partial restoration of, in his own words, “a free market and capitalism.” Even state-owned firms would seek to operate on a “profit” basis. Individuals could own small enterprises again. Market prices would be permitted in place of state directives. By Lawrence W. Reed. Full Text-> FEE