This text is considered by many scholars to be the canonical formulation of historical materialism. In this preface, Marx argues that the economic structure of society is the foundation upon which its political and legal institutions are built. He summarizes the "guiding principle" of his studies as follows:

In this formulation, the concepts are precisely defined. The "base" (or Basis) is composed of the "totality of these relations of production". This refers to the class-based social relationships