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The Economic Policies
of Stalin’s Russia

Introduction

Up until 1928, Stalin and Bukharin presented themselves as the upholders of Lenin’s legacy through his 1921 New Economic Policy, but this had changed by 1928 when Stalin completely cut down the New Economic Policy and took steps which were even more radical than what the Left Opposition had been advocating for.

Since its implementation, many communists had feared the long-term consequences of tolerating and encouraging the capitalist elements which culminated in the New Economic Policy.

Problems with the New Economic Policy existed as early as 1924 but became increasingly prevalent in the years 1926 and 27.

In August 1924, Soviet economist Yevgeni Preobrazhensky published ‘The Fundamental Law of Socialist Accumulation’, which theorised that the state should purchase food from peasants at a low price and sell it to consumers at a higher price, to provide funds for industrialisation. This idea was supported by Trotsky but opposed by Stalin who saw it as a threat to Lenin’s New Economic Policy. This conflict remained a significant factor in the power struggle between the right, centre and left.