Impossible to say obviously but I suppose a many outcomes would be possible.
The first thing coming to my head is that the Soviet Union would have more aggressively and blatantly undermined governments throughout western Europe. West Berlin would probably have been cut off and without American involvement for the Berlin Air Lift would have fallen to East Germany without a shot being fired. Over time, without US support, most of western Europe would have become socialist-leaning. I think West Germany would have joined the East (rather than the other way round). France would maintain a higher degree of independence and possibly retain some of it's empire, but despite having more national pride than a defeated Germany, it would not be an enema of the USSR. The world in general would be more hostile to capitalist, all be it neutral and isolationist, USA. The UK, Australia, New Zealand and Canada would become isolationist, neutral and focused on self-preservation. They would not become soviet puppets but would still be influenced by socialism and surrounded by potential enemies would likely have retreated from the international stage and focused on maintaining independence. All would be friendly towards USSR, probably a full trading relationship.
Ultimately a lot less blood would have been shed over the years of 'cold' war. But the world would be poorer, oppressed and technologically backward. The space race would never have happened and mankind would never have gone to the moon. Scientific and medically we would have progressed at a far slower rate. Communism would still have collapsed, possibly earlier as having no common capitalist enemy may have left the nations of the USSR even less unified. Nationalism and poverty in the Soviet Union would have still caused it's collapse, and without a strong force for liberal democracy, fascism may have risen again and plunged Europe and even the world into another war. The isolationist democratic countries would be the most prosperous and stable, and would be dragged into conflict and post-conflict rebuilding. The world would be a lot worse off.