Marxism has often been associated with two different legacies. The first rests on a strong exposition and critique of the logic of capitalism, grounded in a systematic analysis of the laws of motion of capitalism as a system. The second legacy refers to a strong historicist perspective grounded in a conception of social relations that emphasises the centrality of power and social conflict to the analysis of history. This article challenges the prominence of structural accounts of capitalism by showing how (...) the tension between these legacies has played out within Political Marxism, both orientations already having co-existed, somewhat uneasily, within Robert Brenner’s original contributions to the Transition Debate. Through this internal critique and re-formulation of Political Marxism, we wish to open a broader debate within Marxism on the need for a more agency-based account of capitalism, which builds more explicitly on the concept of social relations, to recover the historicist legacy of Marxism. (shrink)