Two decades after the end of the Soviet Union, the global capitalist economy narrowly escaped total collapse in the ‘Great Recession’ of 2008–2009. The world in the twenty-first century has entered into a new era of crisis, which is economic, political and environmental. What will happen between now and the mid-twenty-first century that may shape and largely determine the future of humanity for centuries to come. On the occasion of the centennial anniversary of the October Revolution, this article re-evaluates the trajectory of the twentieth century socialism and identifies its legacies. It also considers the unique character of contemporary contradictions and argues that the formation of new industrial working classes may fatally undermine the system’s political legitimacy and raise again the ‘spectre of communism’ that Marx and Engels predicted, this time not only in Europe but also in the entire globe.
