Is there a future for socialism in Europe? The collapse of the communist dictatorships and the electoral reverses suffered by social democratic parties have called into question the whole historical project of challenging the power of capitalism. "Modern European Socialism" examines social democratic and communist responses to the immense changes which have occurred in the world economy since the collapse of the post-war boom. The power of global capital to dictate the conditions for investment has made it virtually impossible to promote egalitarian policies at the level of the nation state. However, Wilde argues that socialism can renew its relevance at a European level, if the process of economic integration culminates in a fully-fledged European state.