The epic tale of the Soviet Union’s quest to construct a socialist economy was, until recently, the principal motif of textbooks on the Russian economy. Traditional Soviet and post–Soviet books usually adopt a historical approach, exploiting the dichotomies between socialism and capitalism as a convenient device for highlighting the differences in Soviet and western arrangements. These conventions remain useful, but require refurbishing. Rosefielde’s new text offers a more sober recounting of the Bolshevik saga, stripped bare of socialist romanticism, and focused equally on the micro– and macroeconomics of administrative command planning as well as Russia’s post–Communist market system. Understanding the Soviet economic system and the causes of its failure are central to any student’s study of Russia’s struggle toward a market economy and its prospects for the future.

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