The challenge to Marxian theory presented by the current collapse of communist economies centers on the role of markets. Marx versus Markets points out that Marx defines communist economies--even in their lower stage of development--as classless economies without markets. It then examines his claims that classless economies with markets are in some sense inferior to communist economies.

Two conclusions emerge from Stanley Moore's analysis. First, Marx's major arguments for abolishing commodity exchange rely on moral and philosophical premises, derived from Feuerbach in the...