Question

explain in brief main features of a socialist economy in soviet Russia following the revolution of 1917.

Answer 1

Russian Revolution of 1917, two revolutions, the first of which, in February (March, New Style), overthrew the imperial government and the second of which, in October (November), placed the Bolsheviks in power.

By 1917 the bond between the tsar and most of the Russian people had been broken. Governmental corruption and inefficiency were rampant. The tsar’s reactionary policies, including the occasional dissolution of the Duma, or Russian parliament, the chief fruit of the 1905 revolution, had spread dissatisfaction even to moderate elements. The Russian Empire’s many ethnic minorities grew increasingly restive under Russian domination.

Answer 2

Explanation:

• The socialist economy model in Soviet Russia was called the ‘Planned Economy’.

• Less centralization, collectivization, new nationalized banking system, budgetary reforms, innovative peasant and agricultural taxes, industry and trade trusts were key features of the Soviet socialist economy.

A socialist economy basically has the following main features:

• Planned economy
• The economy is controlled by the government
• Collective ownership
• Equates economic, social and political equality
• Abolishes competitive economy
• Work and wages are regularized
• Provides maximum social welfare