Аннотация
In the article the questions of the state industrial policy of the 1920s are considered from the perspective of neoinstitutional approach that identifies feedback between the economy and political institutions and explore real but not only formal management practices. It is shown that the NEP management system was not complete and holistic. It consisted of a set of not always correlated measures aimed at the elimination of major imbalances of the economy. Management decisions fitted into the overall scheme of approval mechanism for centralized management of state industry and market trend were implemented mainly in the peripheral sectors of the economy. Attempts to fit the public sector of economy to a market economy in order to overcome the latter provided fertile ground for the crisis. A series of crises of the twenties (the financial crisis of 1922, the crisis of sale in 1923, commodity hunger in 1924-1925, the grain procurement crisis in1927-1928, etc.) were broken out due to the combination of natural process of market relations revival and active but poorly efficient intervention of the party-state leaders. And measures taken to overcome another crisis contributed to further decrease of the market space.