The reality is that socialism won the Cold War. Antonio Gramsci, the Italian socialist from early 20th century, realized that there was no way to fight a pitched battle against the Western industrial societies. The socialist instigators would not be able to sway the workers nor gain popular support for revolution. Gramsci believed that socialism could win the day if it supported a lengthy insurgency that slowly destroyed the bedrock institutions of our free societies; family, church, etc. So while we stared-down the Evil Empire, the rats slowly gnawed holes in the concepts of liberty that founded the US and made England great. Gramsci never lived to see the dawn of the forthcoming new age (he died soon after Benito Mussolini released him from jail), but his like-minded minions proved that nuclear power is no match for an uncoordinated subversive attack against the mind.
A good source to understand our current mess is the classic treatise Theory and History, Ludwig von Mises. Mises exposed the flaws in the concepts of socialism and other strains of such thought.