As with Mark Twain, reports of Marxism's death have been grossly exaggerated.
When such reports were first made with the collapse of the Soviet Union, liberal polemicists proclaimed it proudly and without reservation. Here in 2021, the same polemicists not only recognize Marxism's vitality but often tentatively credit Marx for foresight with regards to understanding captialism's cyclical struggle with crisis. If this praise is faint and halfhearted, it may be perhaps out of shame, and truly who could expect the anti-communists to sing Marx's praises regardless of historical circumstances?
So, in light of the shallowness of mainstream engagements with Marxism, one is of course compelled to turn to the Marxists, but there is a problem. By and large, these Marxists act as though the Soviet Union did not collapse! True, it was hardly the death of Marxism, but it was the death of something and that something in intimately related to Marxism. The secret, of course, is that these Marxists are themselves among the dead. Zombified parties carrying on the banner of a dead movement in the name of a societal model proven conclusively to be a dead end.
Marx at the Millennium is an expose of that secret. Or, rather, it is Smith attempt to settle his account with that secret, having been a proponent of it for nearly four decades. An avowed Trotskyist for most of his life, Smith found in his twilight years that the philosophy he had promoted for most his life was neither in line with Marx's thought nor was it useful in the class-struggle. Realizing this fact, Smith set about using his last decade to discover the real Marx. Marx at the Millennium was his first attempt at recording this discovery, and while it is less provocative than his second book Karl Marx and the Future of the Human, it is also undoubtedly more readable.
From a certain perspective, Marx at the Millennium is an introduction to Marx's thought. This perspective is not wrong. From another, it's an attempt to challenge Marxism, and this perspective is not wrong either. It is both. It is an attempt to place Marxism on a new basis, one that is authentically Marxist. It is as potentially useful to a 16 year old discovering Marx for the first time as it is a 66 year old party loyalist coming to be dissatisfied by the party line. Rather than simply explain Marx, Smith at the same time challenges the reader to unlearn "Marx."
In challenging the reader in this way, Smith is successful only in places. As Sig below me notes, Smith is fiercely polemical and not always charitable in his readings of others. This is where my agreement with Sig ends, but it's a fair point to make. Despite having served as a professor of statistics at the University of London for years, Smith makes no attempt here to meet academic standards. Even as it leads Smith to play fast and loose with the writings of others, I think this approach is ultimately useful. It allows Smith to bend the stick, to borrow a phrase from Lenin.
The Marxism that emerges from Smith's account is deeply Hegelian, one above all else concerned with self-development and self-realization. Capitalism is to be critiqued for the ways in which is impedes and warps this process of self-development, the class-struggle is radical insofar as it is comprised of working-class self-activity, so and so forth. Marxism that deviates from this is, to Smith's eye, emphatically anti-Marxist. Every chapter hits at these themes in one form or another.
The most valid points on with Smith's Marxism can be in turn critiqued, I think, are that Smith's account lacks a deep appreciation for the historical specificity of capitalist society. His account of human self-development is rich, but his engagement with how this self-development occurs through the class-struggle is limited. In fact, his expose on the historical bastardization of Marxism features virtualy no discussion of the class-struggle whatsoever, giving an essentially idealist account of the issue in which bad interpretations of Marx beget bad interpretations of Marx without any mediating factor of Marxist practice. While I think the harshness and severity of Smith's critiques of 'post-Marx Marxists' (to borrow a phrase from Dunayevskaya) is justified, he goes too far when he attempts to cleave the Marxists with poor understandings of Marx from the Marxist tradition itself: his essentially idealist account of the history of the tradition leaves him little other option, of course. Finally, despite a staunch rejection of vanguardism, Smith proposes no theory for what a more authentically Marxist organizational form might operate nor does he offer even preliminary probings into the subject. These are all points which have been raised by others, namely in Smith's debates with the now defunct Hobgoblin journal and Geoff Pilling.
These are all genuine issues with Smith's Marxism, but they're not issues that I think are addressed in any other introductory literature better. As Lenin famously once noted, intelligent idealism is closer to intelligent materialism than is stupid materialism, and so Smith's intelligent idealist account of Marxism is a considerable step forward from the murk of stupid materialism in which it has been trapped for the past century. Smith is not valuable because he "got it right," but because he knew many of the ways in which others had gotten it wrong because he had been among their rank for such a considerable period of his life. Marx at the Millennium is an engagement with the failures of the radical tradition and an attempt to show what is alive in radical philosophy, a body of philosophy that radicals had largely abandoned. In this capacity, no book has come along to do this job better than Marx at the Millennium did it, and it's well worth a read for that alone.