This article could have been the most impressive and serious contribution to Marxist debates about the perspectives of capitalist restoration in the Soviet Union after the Second World War, but rested almost totally ignored. It was written in 1951, exactly forty years before the fall of the URSS, by Vsevolod Holubnychy. A young wartime immigrant from the Soviet Ukraine, Holubnychy became in the West, at first, a radical left-wing militant inside the Ukrainian diaspora, and, later, a scholar. His viewpoint on the future of the USSR was based on a first-hand and theoretically informed knowledge of Soviet social realities, popular moods and ideological developments of the anti-Soviet nationalist underground in Ukraine. Today the article poses some crucial questions that are still worth discussion in the light of the long-term effects of bureaucratic rule upon the evolution of the Soviet society and the development of restorationist tendencies.