The Russian Revolution of 1917 opened another chapter in history ended the gradual overthrow of the Czarist regime and ultimately led to the foundation of the USSR. It unfolded in two phases: firstly, the February Revolution, which caused the abdication of Czar Nicholas II, and then the October Revolution, directed by Lenin and his Bolsheviks, when they seized power.

Key factors included:

• Feudal autocracy: The system of government in Russia was autocratic, hardly permitting the touch of political health or reform and alienating a massive chunk of the population.
• Industrial Discontent: Workers widely protested against their working conditions, long working hours, and little pay.
• Peasant Struggles: Farmers under the burden of land redemption dues demanded land redistribution.
• Impact of World War I: The war brought all these massive afflictions in the form of food shortages, inflation, and military casualties that added to the discontent.
• Intellectual Influence: Marxist ideologies, alongside the works of Tolstoy and Dostoevsky, inspired revolutionary sentiments.

Consequences include:

1. Forming of the USSR: Through the Bolsheviks, the first socialist state came into existence.
2. Economic Changes: Soon after, privatization was abolished, and state-controlled planning was put into action.
3. Global Communist Movement: Formation of the Comintern to agitate world socialism.
4. Support for Decolonization: The USSR endorsed decolonization movements that healed several calls for independence across the globe.

In the end, the revolution reiterated the death of feudalism in Russia; reshaped the structure of world politics and launched socialism toward decolonization. In addition, the revolution inspired many revolutionary movements and completed the global ideological bifurcation of the 20th century. The legacy of the Russian Revolution still shapes global political thought today.