The future of marxism

Has Marxism a future, now that communism has collapsed throughout Eastern Europe and is in crisis everywhere else? It is often said that Marxism is discredited and refuted by these events: they signify the triumph of capitalism and the free market, the `end of history'. At the other extreme, some Marxists in the West would like to believe that history has not yet begun. For them, socialism is still a distant dream. The old regimes of the Soviet Union and Eastern Europe had nothing to do with true socialism. Their demise, therefore, has no bearing on Marxism: no rethinking is required.