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Describe the course of nationalization in economic development in the Soviet Union under Lenin.Explain war communism and why it was replaced by the New Economic Policy in 1921.
Open Market
A freely competitive market in which any buyer or seller can participate, and prices are determined by supply and demand.
Interest Rates
The cost of borrowing money, typically expressed as a percentage of the principal, which lenders charge borrowers for the use of their money.
Reserve Requirements
Regulations set by central banks determining the minimum amount of reserves that banks must hold against deposits.
Discount Rate
The interest rate charged to commercial banks and other financial institutions for loans they take from the Federal Reserve's discount window.
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