New Economic Policy n (Historical Terms) an economic programme in the former Soviet Union from 1921 to 1928 that permitted private ownership of industries, etc. Abbreviation: NEP Collins English Dictionary ? Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014