2. Socialism In Europe & The Russian Revolution
Achievements Of The Bolshevik Government
The first ministry of the new Bolshevik Government was formed on November 8, 1917 in which Lenin and Trotsky became Prime Minister and Foreign Minister respectively. Immediately after coming to power Lenin announced some important decrees. Significant among them were :
1. Peace : Immediately after coming to power, Lenin announced his decision to withdraw from the First World War.
2. No private property : Private property in the means of production was abolished. Land and other means of production were declared the property of the entire nation. Labour was made compulsory for all and economic exploitation by capitalists and landlords came to an end.
3. Nationalisation of Industries : The control of industries was given to the workers. All the banks, insurance companies, large industries, mines, water transports and railways were nationalised by 1918
4. Declaration of the Rights of People : A Declaration of the Rights of people was issued which conferred the right of self-determination upon all nationalities.
5. A new government known as the Council of Peoples Commissars was formed under Lenin. The Bolshevik Government crushed the opponents of revolution by adopting strict repressive measures. On July 16, 1918, Tzar Nicholars II, his wife and other family members were shot dead.
6. As a result of the decree on land, the estates of the Czar, the church and the landlords were taken over and transferred to the soviets of the peasants.
7. The new government disowned the foreign debts. It also took possession of foreign investments without payment.