An analysis of the Russian Revolution shows that in allowing a specific group, separate from the workers themselves, to take over the function of managing production, the working class loses all possibility of even controlling the means of producing wealth. The separation of productive labour from the means of production results in an exploiting society. Moreover, when institutions such as the Soviets could no longer be influenced by ordinary workers, the regime could no longer be called a soviet regime. By no stretch of the imagination could it still be taken to reflect the interests of the working class. The basic question: who manages production after the overthrow of the bourgeoisie? should therefore now become the centre of any serious discussion about socialism. Today the old equation (liquidation of the bourgeoisie = workers’ state) popularized by countless Leninists, Stalinists and Trotskyists is just not good enough.