Progressive theorists and activists insist that contemporary capitalism is deeply flawed from a normative point of view. However, most accept the liberal egalitarian thesis that the serious shortcomings of market societies could be overcome with proper political regulation. Building on Marx’s legacy, Tony Smith argues that advocates of this thesis lack an adequate concept of capital and the state, and fail to comprehend new developments in world history ensuring that the ‘destructive’ aspects of capitalism increasingly outweigh whatever ‘creative’ elements it might continue to possess.