Russian Reforms: Comparing the New Economic Policy Period to Post-Soviet Russia

Abstract

The article compares market reforms during the New Economic Policy (NEP) period in the 1920s to Post-Soviet Russia in relation to the transformation of institutions and economic policy. The consecutive stages in the development of NEP and Post-Soviet Russia are identified. The differences in the ideology and practice of financial stabilization in both periods leading to the production growth under NEP and economic fall in the 1990s are considered. Benefits of the combination of state regulation and market relations at the first stage of NEP and the lack of such combination in the 1990s are demonstrated. At the same time, excessive state intervention in the economy led to the erosion of NEP and hampers economy efficiency in modern Russia.