This paper sets out to inquire into the ethical character of Marx’s objections to capitalism by revisiting the North American debate during the 1970s. Toward this end, it probes the theoretical implications of the recent ethical turn in political theory as well as the transition from Marxism to post-Marxism. In a broader sense, the question is the possibility, necessity, and boundaries of deriving an ethical theory from Marx’s thought. I argue that there is an implicit ethical dimension in his philosophical system, one that he deliberately does not make explicit. Nonetheless, this dimension can be better articulated after the recent ethical turn. However, insofar as Marx opposes any moralizing discourse and struggle vis-à-vis capitalism due to his materialist commitments, it is essential for him that the struggle remains on the ground, material, and political.