In the preceding chapters we have discussed the institutional set-up and the laws, policies and practices determining the operation of the Socialist economy. It is appropriate in the last chapter to make an overall economic appraisal of Socialism. This can be done more meaningfully if made against the backdrop of its rival—capitalism. We shall first project Socialist and capitalist economies onto the world scene, and then we shall bring out the economic strengths and weaknesses of Socialism. We shall conclude by examining the extent to which the two economic systems are ‘converging’.