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Marx, like orthodox political economists, developed a concept of historical and economic change that corresponds to the period and mode of thought and policy that is today called “mercantilism”. Marx′s treatment of the subject was varied and uneven and did not achieve a fully developed state until his conception of value and capitalism was well defined and he could apply the notion of mercantilism to his analysis of economic development. In his early writings, Marx addressed mercantilism doctrine while mainly ignoring economic developments taking place in the mercantilist era. In the second period, Marx and Engel′s emphasis was shifted to historical development. It was during the third period when Marx developed his theory of surplus value that his conception of mercantilism became grounded in economic development and attained maturity. Only when Marx′s concept of mercantilism had practical significance could its significance be fully developed.

Many writers have addressed the similarities and differences between the analytical approaches of Marx and Veblen. The crucial concerns in these interpretations centre on Darwinian evolution and the analysis of capitalism. By focusing on the analysis of capitalism, most Marxists have found considerable compatibility between Veblen′s writings and those of Marx. Many institutionalists, on the other hand, have tended to stress the Darwinian content of both Veblen and Marx and have found Marx′s analysis decidedly inferior to Veblen′s. It is argued that it was Engels rather than Marx who attempted to incorporate Darwin into Marxism. As a consequence, Engels is compared with Veblen and the attempts of both writers to develop a Darwinian content to their analytical approaches are found to lead to a common bond, namely the stress on procreation.