The Austromarxist group congregated from 1904 around magazines such as the Blätter zur Theorie und Politik des wissenschaftlichen Sozialismus and the Marx-Studien. Far from being a homogeneous movement, it was a home for such different thinkers and politicians as the Neokantian Max Adler and the orthodox Marxist Rudolf Hilferding.
In 1921 the Austromarxists formed the International Working Union of Socialist Parties (also known as 2½ International or the Vienna International), hoping to unite the 2nd and 3rd Internationals, something which eventually failed.
Austromarxism had inspired later movement like the Eurocommunism and the New Left, to find a "third way", between communism and social democracy and find a way to unite the two movements.
Austromarxism was also in a practical way before its time in in radical reforming. Advanced social economic reforms, healthcare, housebuilding, and educational system in Vienna, lately inspired Labour Party in Great Britain and Scandinavian social democratic parties.
Austromarxism was also the first movement in Europe to see adherents mount an armed resistance to fascist government, which ended in failure in 1934.
The Austromarxist principle of autonomy has been later adopted by various parties, among them the Bund (General Jewish Labour Union), left-wing Zionists (Hashomer Hatzair) in favour of a binational solution in Palestine, the Jewish Folkspartei between the two world wars, and the Democratic Union of Hungarians in Romania (DAHR) after 1989.