This review of Katherine Verdery's *What Was Socialism and What Comes Next?* discusses the book's significance in addressing critical questions about the 20th century, particularly the failures and transformations of socialism. The book, a collection of essays, explores the political economy of socialism, its contradictions, and the diverse social processes and cultural logic that underlie the changes in East and Central Europe. Verdery argues that the failure of socialism was due to bureaucratic inefficiencies and the internal subversion of the managerial elite, who retained power through covert privatization and deals with the West. The review highlights the book's insights into identity, nationalism, and political economic processes in the post-socialist period, while also noting its limitations, such as its focus on Romanian issues and the tendency to judge transitional issues negatively. Despite these drawbacks, the book is praised for its quality and influence on interpreting socialism and its successors.This review of Katherine Verdery's *What Was Socialism and What Comes Next?* discusses the book's significance in addressing critical questions about the 20th century, particularly the failures and transformations of socialism. The book, a collection of essays, explores the political economy of socialism, its contradictions, and the diverse social processes and cultural logic that underlie the changes in East and Central Europe. Verdery argues that the failure of socialism was due to bureaucratic inefficiencies and the internal subversion of the managerial elite, who retained power through covert privatization and deals with the West. The review highlights the book's insights into identity, nationalism, and political economic processes in the post-socialist period, while also noting its limitations, such as its focus on Romanian issues and the tendency to judge transitional issues negatively. Despite these drawbacks, the book is praised for its quality and influence on interpreting socialism and its successors.