In this article I give an overall interpretation of the development of the Budapest School in Australia as political emigres, who initially worked and wrote in Melbourne and Sydney until the final years when Heller and Feher moved on to New York in the mid-1980s and then back to Budapest in 1993. The translation of How Is Critical Economic Theory Possible? has allowed us to better grasp the motivations and theoretical innovations of the Budapest School, to appreciate their internal disputes (...) and to recognise fundamental continuities and difference in these two key thinkers. This book was a gallant retrieval of democratic potentials in Marx. It excavated Marx’s own appreciation of needs produced by, and critical of, the alienations of the capitalist system. Ultimately, this early work was unable to realise its ambition to educate the diverse progressive movements of the times. I will show later that the retrieval of progressive potentials took a more social democratic form in the work of Maria Márkus on needs as she encountered them later in the Hawke Labor Government of Australia from 1983. Introducing the world media to the Budapest School in The Times Literary Supplement on 15 February 1971, Lukács described Márkus as ‘75% mensch’. When Lukács first met him, George already had his own philosophical interests, which he would bring with him when he became a key figure in ‘the Budapest School’. Márkus had studied in Moscow where he wrote his dissertation on the topic History and Consciousness and met his Polish wife, Maria. George used to modestly say that he was an expert only on the works of Karl Marx. That was despite that he had taught the history of modern philosophy at Eotvös Loránd University to Hungary’s most promising philosophers for a decade and later to philosophy students at Sydney University for the next 20 years. In the early 1970s, George invited Janos Kis and György Bence to work on his next project that would become the Hungarian version of Überhaupt, which was to become How Is Critical Economic Theory Possible? The new English translation published by Brill this year opens this important rethinking of the work of Marx to an international readership. (shrink)