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The Revolution's most important long-term economic consequence was the end of mercantilism. The British Empire had imposed various restrictions on the colonial economies including limiting trade, settlement, and manufacturing. The Revolution opened new markets and new trade relationships.
socialism is a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
The People's Republic of China (PRC) was established on October 1, 1949. However, an assessment of Chinese communism cannot begin there. It must begin about 30 years earlier, because the preceding years shaped the PRC as a communist state. Chinese communism has had a remarkable continuity of leadership. Mao Zedong (W-G: Mao tse-Tung, 1893-1976) and his colleagues were party members in the 1920s. Mao was instrumental in establishing an early form of Chinese communism in the years 1928-34. He helped to develop it and create the military and political strategy in the Yenan years of 1935-45 that won the civil war in 1949. He then went on to mold communist China and ruled it - in his last years at least in name - until his death in September 1976.
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Saturnalia, the most popular holiday on the ancient Roman calendar, derived from older farming-related rituals of midwinter and the winter solstice, especially the practice of offering gifts or sacrifices to the gods during the winter sowing season