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This article contrasts Marx’s critical appropriation of Hegel in his mature works with Georg Lukács’s brilliant interpretation of the relation of Marx and Hegel. Hegel and the Hegelian turn in Marxism, as powerfully represented by Lukács, however, have been strongly criticized in recent decades by structuralist and post-structuralist thinkers for whom concepts central to Lukács’s project, such as totality and the historical Subject, are anti-emancipatory, expressions of domination. Nevertheless, the global historical transformations of recent decades – including the crisis of the Fordist/Keynesian welfare state, the collapse of Soviet Communism, and the emergence of a neo-liberal capitalist global order – have called into question the post-Marxist turn. These historical changes, then, suggest the need for a renewed theoretical concern with capitalism. Marx’s critical appropriation of Hegel provides the basis for a critique both of Lukács as well as of post-structuralism in ways that can avoid the weaknesses of each while incorporating their strengths.