AFTER SUMMARIZING THE SALIENT FEATURES OF THE SOCIETY OF PRISONERS AS PRESENTED IN THE SOCIOLOGICAL LITERATURE OF THE LAST TWO DECADES, THE AUTHORS COMMENT BRIEFLY ON THE MAJOR THEORETICAL APPROACH THAT HAS BEEN USED IN DISCUSSING PRISON LIFE IN THE PAST. THEN THE AUTHORS DEVELOP A THEORY OF THE STRUCTURE AND FUNCTIONING OF THE INMATE SOCIAL SYSTEM, PRIMARILY IN TERMS OF INMATE VALUES AND THEIR RELATED ROLES, AND FINALLY SOME POSSIBILITIES FOR FUTURE RESEARCH ARE OUTLINED. (AUTHOR ABSTRACT)...MSP