Results of Russian Revolution Of
1917
Russia withdrew from the First World War. Later,
formal peace was signed with Germany later. The estates of the landlords, the
Church and the Tsar were confiscated and transferred to peasants' societies to
be allotted to peasant families to be cultivated without hired labour. The
control of industries was transferred to committees of workers. By the middle
of 1918, banks and insurance companies, large industries, mines, water
transport and railways were nationalised. Foreign debts were refused and
foreign investments were confiscated. A Declaration of the Rights of Peoples
was issued conferring the right of self-determination upon all nationalities. A
new government, called the Council of People's Commissars, headed by Lenin was
founded. These first acts of the new government began the era of socialism.
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