Reflections on the Revolutions in Russia A T Callinicos The socio-economic transformation unleashed by perestroika certainly did not represent a step forward into the idyll of free-market capitalism, as liberals everywhere asserted, but neither did it amount to a regression from some form of socialism back to capitalism. Rather, it involved moving from one form of capitalism, bureaucratic state capitalism, to another, the kind of multinational capitalism prevalent in the West.
