It is a common supposition among Marx’s followers that not only has he left nothing to be said on the subject of economics, but that nothing was said before him. One German Socialist, at any rate, has rid himself of this notion, for Dr. Menger has remarked that “Marx was completely under the influence of the earlier English Socialists, and more particularly of William Thompson.” In a valuable essay upon Marx, by Professor Alfred Rahilly, the facts are let out. Marx, it appears, came across Thompson’s work on _The Distribution of Wealth_ (1824) in the British Museum, and read it with great profit. From Thompson he took practically all his chief doctrines, with the exception of his peculiar interpretation of history in terms of economics. The theory of Value as measured by labour-power, the distinction between capital and capitalism, the law of decreasing utility, and, above all, the very phrase as well as the very idea of Surplus Value—all of these “Marxian” doctrines Marx found in Thompson. I am not arguing that Marx was the less for having been indebted to his English predecessors. He would, indeed, in my opinion, have been a greater man if he had borrowed more of Thompson, for Thompson possessed the common sense to realise that it was possible that the concentration of capital might take place simultaneously, with a diffusion of ownership—an idea which would have spared Marx the ignominy of many of his most fanatical disciples. What, on the other hand, was great in Marx, was his capacity for large generalisations, and his industry in establishing them. In this respect he belonged to the great Victorians, and, as such, he deserves more credit than his present-day followers will permit him to receive. MARX AS POLITICIAN.—The centenary celebrations of Marx ought not to conclude without a tribute to his astonishing political insight. Philosophically Marx was confused; as an economist he has suffered from his disciples; but as a political critic he has seldom been surpassed. Particular attention may be drawn to his analysis of the circumstances of Bismarck’s annexation of Alsace-Lorraine, and to his forecast of the consequences. Though writing in London, and without our historic knowledge of the Ems telegram, or our present knowledge of the world-war, Marx might have written his manifesto to-day; but, in that case, I doubt whether he would be published in Germany, or read with much attention by Marx’s followers in this country. It is a strange reflection, indeed, upon the fate of the works of Marx that it is precisely the most clear and prophetic part of them which his professed followers neglect. For his dubious forecasts and his riddling analyses they have a reverence that transcends bibliolatry; but, concerning his most absolute and explicit political policies—not a word!