"Of all socialistic writers Karl Marx — not perhaps without an unjust depreciation of others, and especially of Rodbertus, whose scientific rank was high — had gained the greatest influence over his partisans. His work represented, so to speak* the official doctrine of contemporary socialism. It therefore occupied the centre of attack and defence. The polemical literature of the time became a literature on Marx. The circumstances also were of unusual interest. Marx had died before he had brought his work on capital to an end. The unfinished parts were found in manuscript among his belongings in an almost complete form. These were expected to furnish the explanation of a problem which had been the chief cause of the attack against the exploitation theory and which, according to the expectations of both the contending parties, would furnish the deciding test of the tenableness or untenableness of the Marxian system, the problem, namely, of harmonizing and connecting the rate of profits, which experience shows tends toward equality in all forms of investment, with the law of value and the theory of exploitation which Marx had developed in his first volume. The publication of the third volume, in which this theme was treated, was delayed until 1894, 11 years after the death of Marx. The interest in the question regarding what Marx himself might have had to say on this most delicate point of his theory showed itself in a sort of prophetic literature that had for its object the development of Marx's probable opinion on the subject of the average rate of profit from the premises given in his first volume. This prophetic literature fills the decade from 1885–1894, and presents a stately array of more or less extensive publications.2 The second act and at the same time the climax of the dramatic development was reached in 1894 by Engels's publication of the posthumous third volume. And then follows as a third act an exceedingly animated literary discussion on the critical estimate of this third volume, its relation to the point of departure taken by Marx in the systematic development of his theories, and the future prospects of Marxism, a discussion that is not likely soon to reach a conclusion. I can content myself here with a mere registration of these events, because in an earlier part of this work I have described their scientific content and subjected them to a critical analysis. Nor have I withheld my opinion that the great test has been decidedly against Marx and his theories of value and surplus value, and that for these the beginning of the end seems to be at hand."
Karl Marx

January 1, 1970

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