This review-essay discusses the contributions to Ricardo Bellofiore’s book Rosa Luxemburg and the Critique of Political Economy in their respective historical and theoretical contexts. A key goal of the book is to establish Luxemburg’s work as a ‘macro-monetary class approach’, which means linking an economic outlook on effective demand and finance with a political focus on class-struggles in the domestic and international arenas. This approach marks a significant, and positive, departure from widespread interpretations that separate Luxemburg’s political theory from her economic theory. Given the apparent limits of neoliberal globalisation it is also a very timely approach that can help us to understand the current conjuncture of economic and political crises. Bellofiore’s book offers a useful framework for such analysis but focuses much more on economic theory than on politics and the historical developments of global capitalism. To fully exploit the potential of Luxemburg’s political economy, complementary work on these latter two aspects has to be done.