While elucidating the key events, discuss the significance of the Great October Socialist Revolution of 1917.

The October Revolution also known as Red October or Bolshevik Revolution was a revolution in Russia by the Bolsheviks led by Vladimir Lenin. The October revolution was followed by the February Revolution which overthrew the Tsarist autocracy and established the provisional government.
When Lenin returned after exile, he along with Bolsheviks, gained the control of Petrograd Soviet, as well as the Soviets in other major Russian cities.  Lenin’s slogan of “Peace, Land, and Bread” become very popular. During October 1917 the Provincial Government was removed and it was replaced by a Bolshevik government in Russia which led to the formation of USSR, the world’s first self-proclaimed socialist state.
After Bolshevik takeover, Lenin distributed the farmland among the peasants and the control of factories was given to the workers. Russia withdrew from world war and Treaty of Brest-Litovsk was signed and Russia surrendered a large portion of its territory to Germany and its allies, which led to widespread anger against Bolshevik policies.
Russian revolution ended monarchy which inspired many countries. Along with that Since Russia was the first communist government this led to spread of communism throughout the world. In the economic sphere, Post-revolution Russia industrialized the organization of the economy through five-year plans. Revolution also led to the division of world on lines of capitalists and socialists. After the revolution, Russia took stand against imperialism and it was the first country to support the idea of each country being independent. Revolution also had an impact on the industrial safety regulations, and fair working hours/conditions.
October revolution was a landmark event in world history, which had a profound impact on socio, economic and political spheres of the world.