During the early years of the Soviet Union, the Bolsheviks carried out a series of policies aimed at eliminating private property. These policies included the nationalization of industries, banks, and land. The government took control of these assets and managed them centrally. Individuals and families were not allowed to own or operate significant economic assets, and most businesses and industries were state-owned and controlled.
While personal belongings and some limited forms of private property were tolerated, the Bolsheviks generally frowned upon the accumulation of wealth and resources by individuals. They believed that private ownership led to inequalities, exploitation, and social injustice, and that a classless society could only be achieved through the abolition of private property.
However, over time, the Soviet Union began to introduce certain elements of private ownership and market mechanisms, particularly during the era of "perestroika" and "glasnost" in the late 1980s, which aimed to reform the Soviet economic system.
In conclusion, during the early years of the Soviet Union under Bolshevik rule, private ownership of major economic assets, such as industries, banks, and land, was largely abolished in favor of state ownership and communal management of resources. However, personal belongings and some forms of limited private property were permitted.