The Soviet authorities partially revoked the complete nationalization of industry (established during the period of war communism of 1918 to 1921) and introduced a mixed economy which allowed private individuals to own small and medium sized enterprises, while the state continued to control large industries, banks The Russian Revolution was a period of political and social revolution that took place in the former Russian Empire, begun during the World War I. This period saw Russia abolish its monarchy and adopt a socialist form of government following two successive revolutions and a bloody civil war