Perestroika has lately become almost a catchword. As the advocates and opponents of socialism are vociferously struggling over this expression in defence of their respective positions, a large segment of the Left, quite understandably, seems to be almost awe-struck. The confusion has been made worse by the fact that many critics of socialism have started enthusiastically appreciating perestroika, hoping that the signal of dismantling of socialism in the Soviet Union is at last evident; on the contrary, we come across voices in the socialist world itself which also are unambiguously critical of perestroika, the argument being that the so-called process of restructuring would ultimately usher in the complete destruction of the gains of socialism. Along with this one witnesses the unmistakable phenomenon that perestroika has generated an overwhelming response and support from the masses in the Soviet Union.

Perestroika, then, is a complex question demanding an objective and dispassionate exposition. Time has perhaps not yet come for passing a final judgement. Any such attempt to either eulogize or condemn perestroika in absolute terms would not, after all, sharpen one's understanding of the phenomenon. A deeper exploration of the meaning of perestroika involves inquiry into quite a number of important issues: What was its historical necessity? What is the theoretical-ideological rationale underlying perestroika? What are the main directions of this process? What is the significance of perestroika for socialism?