Class : 9th
ch ,2 Socialism in Europe and the Russian Revolution.
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The main changes which were brought about by the Bolsheviks immediately after the October Revolution: Banks and Industries were nationalized. Land was declared social property, thereby allowing peasants to seize it from the nobility. In urban areas, houses were partitioned according to family requirements.
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Socialism is defined as an economic system in which the means of production are owned not by private individuals but by the community in order that all may share more fairly in the wealth produced.
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