A HISTORICALLY ADEQUATE INTERPRETATION of Lenin’s Marxism must begin with the recognition that Lenin’s legacy is essentially a political application of Marx’s theory of capital as a historically-specific social formation. It required further development in light of experiences under determinate historical circumstances, such as the development of capitalism in Russia, the Russian Revolution of 1905, the crisis of Marxism in 1914, the evolution of imperialism, the October Revolution of 1917, War Communism, and the New Economic Policy.

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