Socialism has been one of the most influential movements after the Second World War. A socialist path to development has been adopted and adapted localized by a significant number of countries. The rise of China and the emergence of Latin America’s “new left” have stimulated discussions of the legacies and prospects of the socialist model of development. By situating socialist paths within the wider historical contexts, we discuss the evolution, consequences and potentials of this model in this chapter. Q1. What are the basic tenets of socialist development at its origin? Q2. What are the crucial challengesproblems which socialist models of development have faced in the USSR, in China, and in other countries? Q3. What do you think explains the rise of China after 1978? In what ways does China’s development trajectory defy or obey the socialist model as we know it?Does China’s development trajectory defy or obey the socialist model as we know it? Q4. Why do the leftist governments in Latin America differ in their policy orientation since the 1990s? Q5. What is are the prospects for a socialist models of development?