First Published in 1926, Towards Socialism or Capitalism? considers how the socialised economy of Soviet Russia, isolated in a capitalist world after Lenin’s death, faced acute dangers. Trotsky and the Left Opposition alone fought the Stalinist degeneration of the state and party apparatus which threatened to open the door to capitalist restoration. The three articles in this book, written between 1925 and 1932, discuss the fundamental problems of the Soviet economy from the New Economic Policy to forced collectivization. Published here in one volume, they are indispensable steps in the development of Trotsky’s analysis of the Soviet Union, laid down in 1936 in ‘The Revolution Betrayed’.