This paper aims to clarify Walras’s ideas of entrepreneurship and the State by focusingparticular attention on his criticism of Marx in chapter 5 ‘Theory of property’ in Studies inSocial Economic（1896）. Based on the idea of the zero-profit entrepreneur presented in his pure economic model（the general equilibrium theory）, Walras developed his views on collectivism in his socialand applied economics, and defined it as a system where the State takes over the role ofthe entrepreneur. He classified Marx’s scheme also as collectivism, and tried to clarify itspractical difficulties and impossibilities. Contrary to the textbook interpretation, Walras didnot regard the difference in their theories of value as a crucial point to criticize Marx. Walras concluded that Marx gave priority to justice, that is to say, the prevention of anyexploitation by the private capitalist entrepreneur, by sacrificing economic advantage. Walrasbelieved he could realize his own style of collectivism where justice and economic advantagecould be achieved together. If we ignore Walras’s thinking in areas other than pure economics, and if we hold to thetextbook interpretation about the antagonism between the Marxian and Walrasian schools,we then lose sight of the real implications and significance of Walras’s pure economic theory.