How was the Russian economy transformed by the Russia Revolution? (1 point)
The Russian Revolution had a profound impact on the Russian economy, leading to significant transformations. One major change was the transition from a capitalist to a socialist economy. The Bolsheviks, led by Vladimir Lenin, abolished private ownership of land and industry and implemented a policy of state control over the means of production.
Collectivization of agriculture was also carried out, where small individual farms were consolidated into large collective farms. This allowed for better coordination, increased efficiency, and the redistribution of land among peasants.
Additionally, the Revolution led to the nationalization of industries, as the state took control of factories, mines, and other enterprises. The government also imposed central planning on the economy, determining production goals and allocating resources.
These changes resulted in a significant shift in the economic structure of Russia, leading to the creation of a planned economy that focused on meeting the needs of the people and promoting social welfare rather than profit. However, the transition was not without challenges and hardships, including widespread famine and economic difficulties in the initial years.