Bolsheviks
The Bolsheviks, originally also Bolshevists or Bolsheviki (derived from большинство, literally meaning "one of the majority") were a faction of the Marxist Russian Social Democratic Labour Party (RSDLP) which split apart from the Menshevik ("Minority") faction at the Second Party Congress in 1903. The RSDLP was a revolutionary socialist political party formed in 1898 in Minsk to unite the various revolutionary organisations of the Russian Empire into one party.
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The mistake the Bolsheviks made was not in aiming at the modernisation of Russia. That was entirely sensible. Nor was it a mistake to ascribe a major role in the economy to the state. This is quite normal in the modern world. Their mistake was to suppose that successful modernisation required the elimination of the market and of private enterprise. They did not realise the role that the market and private enterprise can play in generating and maintaining self-sustaining economic growth. Looking
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― Socialist Planning
― Socialist Planning
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Having come to power committed to replacing the market by planning, the Bolsheviks rapidly realised that they had no concrete ideas of how to do this.
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― Socialist Planning
― Socialist Planning
