The author describes the main characteristics of the economies of the USSR and Russia in the post-1950 period both at the macro level and in individual sectors. The theoretical framework of his study covers, in addition to the works of the classics of Marxism-Leninism, primarily neoclassical and endogenous models of economic growth. The central role of the mechanism of technical progress in economic growth and the accumulation of physical and human capital is emphasized. Special attention is paid to key issues of economic policy and Soviet-American rivalry. The monograph is intended for a wide range of readers interested in political economy, economic theory and practice.