On the Marxian entrepreneur: Karl Marx's abandonment of the doctrine of exploitation under industrial capitalism

My concern is Marx's perspective on the functioning capitalist's role with regard to technological and technical change. I first trace out Marx's minimization of the capitalist's responsibilities with regard to basic and applied science and the uncertainties attached thereto. As for innovation proper the ‘determinism’ usually attributed to Marx is less justified. It emerges that the doctrine of exploitation, as it applied to the industrial or ‘functioning’ capitalist, was under threat even before publication in 1867 of volume I of Capital. The threat emanated from Marx's own recognition, whilst composing that volume, of decision-making by the owner-entrepreneur with regard to innovation in the face of uncertainty. The exploitation doctrine, I shall show, was in effect restricted by Marx to joint-stock organization.