A revisionist examination of the collapse of communism, offering analysis of the reality of contemporary capitalism with new ideas about socialism and the socialist project.

Early in the 20th century, revolutionary socialism was not only gaining momentum but appeared destined to conquer the world. By mid-century, the red flag flew over capitals in Eastern Europe, Russia, China, Southeast Asia, Africa, and Central America; by the 1970s over one-third of the world's population lived under socialist regimes. All that has changed. With the 20th century drawing to a close, the political map of the globe looks very different: most socialist states have collapsed, revolutionary movements have been abandoned, and the United States stands as the world's lone superpower. This unique volume examines these changes—the defeat of Marxism—and suggests that the present historical juncture is but a temporary setback in the march of the working class. The authors propose that Marxism remains the most useful approach in understanding and explaining contemporary capitalism and its decay, as well as the only path toward the liberation of society from class exploitation.