On April 26, 1985, the Association for Economic and Social Analysis (AESA) sponsored a conference on Marxist social theory. Dedicated to fostering and refining Marxist theory and practice, the AESA holds monthly meetings in Cambridge or Amherst, Massachusetts and a yearly conference, this being the third. It was a busy day filled with four two-hour sessions from 9:30 a.m. to 9:30 p.m. that brought together more than one hundred Marxists and radicals, primarily from schools in New England. is a logical place for such a conclave. For the past decade or so the Economics Department at the Univer sity of Massachusetts has been a center of Marxian political economy in all its varieties and permutations. Those who expected lively exchanges between neo Althusserians and eclectics, the major wings in what Sam Bowles referred to as the Amherst School, were not disappointed. The opening session on Power, Property, and Class heard papers by Bowles and Herbert Gintis and by Stephen Resnick and Richard Wolff, as well as a comment by Bob Ackerman. Bowles opened by observing that he and his neo-Althusserian colleagues shared the common project of countering the es sentialist economism that has weighed down Marxist theory and hobbled the foot soldiers of the left. There were nods of approval, but agreement ended there. He and Gintis put forth an alternative notion of class, one that envisions coexisting social hierarchies grounded in property, patriarchical, and race rela tions that operate according to rules set by elites. Relations between the oc cupants of each hierarchy are undemocratic, oppressive, and therefore in ten sion and conflict over power and authority. Bowles and Gintis acknowledged their debt to liberal theory, but asserted they went beyond it by rejecting de fenses of property, the sine qua non of liberalism, and by insisting that strug gle be collective and in the name of democracy. Wolff and Resnick countered with a critique of class theories derived from power, property, or conscious ness. Drawing upon Althusser, they took a structuralist position that anchors class in the extraction and distribution of surplus labor, the first being a fun damental class process that gives rise to fundamental [read productive] classes and the second being a subsumed class process that underpins