This book explains the inherent contradictions of Marxist economic theory and how they became apparent when the theory was applied in practice. It introduces the main theories and authors of Marxist economic thought, explores its implementation in the Soviet Union and the People's Republic of China, and offers a comparative analysis of the main distinctive features of socialist and capitalist economic systems. In turn, the book provides answers to the following questions: What has happened to the "socialist reality" and why has it become unacceptable for society? What are the causes of the collapse of the socialist economic system? This book appeals to scholars and students of economics and anyone interested in Marxist economic thinking and the practice of socialism.

Vladislavas PetraSkevicius is a professor at the Faculty of Business Management of the Department of Economic Engineering at Vilnius Gediminas Technical University (VGTU), Lithuania.

Chapter 1. Socialism Collapsed Regardless Of How Long The Progressive Society "Built" It!.- Chapter 2. Marxist Perspective on the Capitalist Economy.- Chapter 3. Capitalism's Contradictions and Reasons of Its Collapse.- Chapter 4. Theoretical Socialism or the First Phase of Communism.- Chapter 5. Communism as the Higher Phase of Communist Society.- Chapter 6. Economic Contradictions of Socialism.- Chapter 7. Socialist System in the 20th Century.- Chapter 8. Administrative Cycles in the Soviet Union.- Chapter 9. Disadvantages of Soviet Economic Model.- Chapter 10. Socialism with Chinese Characteristics.- Chapter 11. Back to the Future.- Chapter 12. Transformation of Socialist Countries. Market Socialism in China.- Chapter 13. The Economic Transformation of the USSR.- Chapter 14. The Dissolution of the Soviet Union.- Chapter 15. Wrecks of Socialism