The first theories of nationalism, drawing on Marx's insights, worked through the integrated concepts of empire, capitalism and military conflict. The nation and its state could not be viewed separate from the critique of political economy and the crisis of capitalism. Thus the first world war was anticipated and understood, not just by Marxists but others as well. This perspective has, however, been largely lost in the century since, with a certain valorisation of the nation-form cut off from the global political economy, but situated within culture. This article engages with the debates initiated by Marx, Lenin, Luxemburg and Hilferding to critique the dominant terms of theorising the nation and attempts to foreground a revived Marxist understanding of nationalism.