SOCIALISM'S CRISIS OF THEORY.

The article focuses on the relations between capitalism, social democracy and socialism concerning the Labor Party. According to the author, the Labor Party is still the largest social democratic party in the world. Its narrow victory in 1964 and its substantial victory in 1966 were seen by many people, in the Great Britain and elsewhere, as a major opportunity for democratic and Socialist reform. Given the fact that the only other major versions of socialism were occurring in very different historical circumstances-orthodox communism in Eastern Europe, revolutionary national liberation in the ex-colonial world, it was natural for many people in Western Europe and the United States to see in Labor's parliamentary victories their own kind of future.