CHARACTERISTICS OF SOCIALISM

1. Public ownership: It has the public ownership of all the

means, which are owned, controlled and regulated by the
state.
2. Planned economy: the state is responsible to plan all
the economic activities like production, exchange,
distribution, and consumption.
3. Classless society: it means that everyone is equal as
far as economic status is concerned.
4. State is responsible for basic necessities of life,
such as food, shelter, clothing, health, education, and
employment. In this economic system, these needs are
provided without any discrimination.
5. Socialism provides equal opportunities. Every
potential individual takes into account as per the skills,
talent, and ability which determine their success.
6. Non-existence of competition and limited choice of
consumer products. It means that there is an absence
of competition in the market. The state has full control
over production of goods and services.
RUSSIAN REVOLUTION
This revolution, which was led by workers, peasants and
soldiers, produced the collapse of the despotic dynasty of the
Tsars, with Nicholas II as the last sovereign. The principal
reason of this revolution was the social organization of Russia,
because the nobility was privileged in every sense, while the
rest lived in misery, they were exploited and had no rights.
This revolution achieved the abolition of the absolutist and
prevailing system. It also originated the establishment of a
socialist government, led by a group of Bolshevik, who were
partisans of the doctrine of Karl Marx. The main chief of this
group was Lenin, a political revolutionary.

The state was organized as a Federal Socialist Republic, run by

committees of workers called Soviets. So, the working class
assumed the leadership of the government of Russia.