Sergei Eisenstein’s planned ﬁlm adaptation of Karl Marx’s Capital stands as one of the most enigmatic projects in the history of cinema. Though never realized, it has haunted the imagination of many ﬁlmmakers, historians, and philosophers to the present day. A recent look into Eisenstein’s archive revealed the full scope of his plans: between October 1927 and September 1928, he gradually transformed his working diaries into an editing board. This "visual instruction in the dialectical method", as Eisenstein himself called his project, comprises over 500 pages of notes, drawings, press clippings, expression diagrams, plans for articles, negatives from October, theoretical reﬂections and extensive quotations. What can be seen and read is not a ﬁlm but a series of variations on the themes of economy and capitalist exploitation.