This is just Lenin’s NEP rehashed.
Churchill thought the NEP was basically Lenin's turn back towards the economic policies of the Tsar:
"In the middle of April [1917] the Germans took a sombre decision. Ludendorff refers to it with bated breath. Full allowance must be made for the desperate stakes to which the German war leaders were already committed. They were in the mood which had opened unlimited submarine warfare with the certainty of bringing the United States into the war against them. Upon the Western front they had from the beginning used the most terrible means of offence at their disposal. They had employed poison gas on the largest scale and had invented the "Flammenwerfer". Nevertheless it was with a sense of awe that they turned upon Russia the most grisly of all weapons. They transported Lenin in a sealed truck like a plague bacillus from Switzerland into Russia. Lenin arrived at Petrograd on 16 April. Who was this being in whom there resided these dire potentialities? Lenin was to Karl Marx what Omar was to Mahomet. He translated faith into acts. He devised the practical methods by which the Marxian theories could be applied in his own time. He invented the Communist plan of campaign. He issued the orders, he prescribed the watchwords, he gave the signal and he led the attack.
"Lenin was also Vengeance. Child of the bureaucracy, by birth a petty noble, reared by a locally much respected Government School Inspector, his early ideas turned by not unusual contradictions through pity to revolt extinguishing pity. Lenin had an unimpeachable father and a rebellious elder brother. This dearly loved companion meddled in assassination. He was hanged in 1894. Lenin was then sixteen. He was at the age to feel. His mind was a remarkable instrument. When its light shone it revealed the whole world, its history, its sorrows, its stupidities, its shams, and above all its wrongs. It revealed all facts in its focus -- the most unwelcome, the most inspiring -- with an equal ray. The intellect was capacious and in some phases superb. It was capable of universal comprehension in a degree rarely reached among men. The execution of the elder brother deflected this broad white light through a prism: and the prism was red.
"But the mind of Lenin was used and driven by a will not less exceptional. The body tough, square and vigorous in spite of disease was well fitted to harbour till middle age these incandescent agencies. Before they burnt it out his work was done, and a thousand years will not forget it. Men's thoughts and systems in these ages are moving forward. The solutions which Lenin adopted for their troubles are already falling behind the requirements and information of our day. Science irresistible leaps off at irrelevant and henceforth dominating tangents. Social life flows through broadening and multiplying channels. The tomb of the most audacious experimentalist might already bear the placard "Out of date". An easier generation lightly turns the pages which record the Russian Terror. Youth momentarily interested asks whether it was before or after the Great War; and turns ardent to a thousand new possibilities. The educated nations are absorbed in practical affairs. Socialists and Populists are fast trooping back from the blind alleys of thought and scrambling out of the pits of action into which the Russians have blundered. But Lenin has left his mark. He has won his place.
"And in the cutting off of the lives of men and women no Asiatic conqueror, not Tamerlane, not Jenghiz Khan can match his fame. Implacable vengeance, rising from a frozen pity in a tranquil, sensible, matter-of-fact, good-humoured integument! His weapon logic; his mood opportunist. His sympathies cold and wide as the Arctic Ocean; his hatreds tight as the hangman's noose. His purpose to save the world: his method to blow it up. Absolute principles, but readiness to change them. Apt at once to kill or learn: dooms and afterthoughts: ruffianism and philanthropy. But a good husband; a gentle guest; happy, his biographers assure us, to wash up the dishes or dandle the baby; as mildly amused to stalk a capercailzie as to butcher an Emperor. The quality of Lenin's revenge was impersonal. Confronted with the need of killing any particular person he showed reluctance -- even distress. But to blot out a million, to proscribe entire classes, to light the flames of intestine war in every land with the inevitable destruction of the well-being of whole nations -- these were sublime abstractions.
"Lenin was the Grand Repudiator. He repudiated everything. He repudiated God, King, Country, morals, treaties, debts, rents, interest, the laws and customs of centuries, all contracts written or implied, the whole structure -- such as it is -- of human society. In the end he repudiated himself. He repudiated the Communist system. He confessed its failure in an all-important sphere. He proclaimed the New Economic Policy and recognized private trade. He repudiated what he had slaughtered so many for not believing. They were right it seemed after all. They were unlucky that he did not find it out before. But these things happen sometimes: and how great is the man who acknowledges his mistake! Back again to wash the dishes and give the child a sweetmeat. Thence once more to the rescue of mankind. This time perhaps the shot will be better aimed. It may kill those who are wrong: not those who are right. But after all what are men? If Imperialism had its cannon food, should the Communist laboratory be denied the raw material for sociological experiment?
"When the subtle acids he had secreted ate through the physical texture of his brain, Lenin mowed the ground. The walls of the Kremlin were not the only witnesses of a strange decay. It was reported that for several months before his death he mumbled old prayers to the deposed gods with ceaseless iteration. If it be true, it shows that Irony is not unknown on Mount Olympus. But this gibbering creature was no longer Lenin. He had already gone. His body lingered for a space to mock the vanished soul. It is still preserved in pickle for the curiosity of the Moscow public and for the consolation of the faithful. Lenin's intellect failed at the moment when its destructive force was exhausted, and when sovereign remedial functions were its quest. He alone could have led Russia into the enchanted quagmire; he alone could have found the way back to the causeway. He saw; he turned; he perished. The strong illuminant that guided him was cut off at the moment when he had turned resolutely for home. The Russian people were left floundering in the bog. Their worst misfortune was his birth: their next worst -- his death." - Winston S. Churchill, The World Crisis, Vol. 5.
Stalin ended the NEP four years after Lenin died and set the course for 60+ years of stagnation for the Russian Empire.