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It's a fairly accurate recounting on the political evolution of post-revolution Russia. There are some interesting story elements which are entirely fictional and used to further the plot of course.
Now Orwell himself was a socialist, he just didn't like the totalitarianism which was popular in certain circles of the movement. I mean seriously, the dude even tried to turn the british home guard, basically a bunch of old dudes who can't serve in the military so they army hands them a bunch of guns, into a revolutionary force.