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While all eyes are on the unfolding trade war between China and the United States, another crisis in the world economy is threatening to spin out of control. Since April, Argentina and Turkey have seen their currencies collapse and inflation spiral. Other so-called emerging economies such as Indonesia, India, Brazil and South Africa are also coming under similar pressures.

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It is not the task of this article to go into any detail of the seizure of power in October 1917. Leon Trotsky has brilliantly captured this event in his History of the Russian Revolution, John Reed in Ten Days that Shook the World and many other pieces, including recent articles from In Defence of Marxism. The fact of the matter is that the resounding slogan of the Bolshevik Party, "All Power to the Soviets!” received an immediate and overwhelming endorsement from the soldiers and working class in virtually every town and city throughout the Russian Empire.

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