The situation in which we ﬁnd ourselves is of an unprecedented gravity. The most progressive and best organized proletariat in the world has not only been vanquished, but has capitulated without resistance. This is the second time in twenty years. During the war, our elders could still hope that the Russian proletariat, by its magniﬁcent uprising, was going to rouse the European workers. In our case, nothing entitles us to entertain similar hopes; there is no sign anywhere heralding some future victory capable of compensating for the crushing and unopposed defeat of the German workers. Never before, perhaps, since a working-class movement ﬁrst started, has the relative balance of forces been so unfavourable to the proletariat as today, ﬁfty years after the death of Marx.