Studying problems of the theory of socialism and the political-economic challenges of socialism in practice is essential for building a stable and prosperous socialist society. The experiences of the Soviet Union and China demonstrate the importance of understanding both theoretical and practical issues in order to develop effective state policies and practices. This study of both philosophical and practical problems of socialist theory from the late USSR is essential reading for anyone interested in the functions and theories behind the Soviet socialist social formation Ñ especially those who are fighting to build a socialist society from the ground up.