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how does the space suit meet the challenges associated with supporting life in space?

Modern space suits augment the basic pressure garment with a complex system of equipment and environmental systems designed to keep the wearer comfortable, and to minimize the effort required to bend the limbs, resisting a soft pressure garment's natural tendency to stiffen against the vacuum. A self-contained oxygen supply and environmental control system is frequently employed to allow complete freedom of movement, independent of the spacecraft.
Three types of spacesuits exist for different purposes: IVA (intravehicular activity), EVA (extravehicular activity), and IEVA (intra/extravehicular activity). IVA suits are meant to be worn inside a pressurized spacecraft, and are therefore lighter and more comfortable. IEVA suits are meant for use inside and outside the spacecraft, such as the Gemini G4C suit. They include more protection from the harsh conditions of space, such as protection from micrometeorites and extreme temperature change. EVA suits, such as the EMU, are used outside spacecraft, for either planetary exploration or spacewalks. They must protect the wearer against all conditions of space, as well as provide mobility and functionality.

It's true it didin't work becouse britain continued trading with it's colonies and the system hurt economies of the countries that used it