What do people think of this work and its central thesis?
I've recently read it and her follow-up 'Anti-Critique' and am persuaded by some of the things she points out. Chiefly that Marx's schema doesn't work by itself and as it stands, and that the schema itself was not finished and was in need of revision (Marx and Engels themselves pretty much said this).
What I am not sure about is her "solution" to the problem whereby the schema can only work if the capitalist mode of production is able to trade with and exploit non-capitalist modes of production around the world in order to accumulate successfully. Maybe not in 1914, but in 2017 how much of the world still operates on a non-capitalist mode of production, and how can this (rapidly diminishing) mode be responsible for the successful accumulation of all of the total social capital?
Also I know Lenin was not a fan of the work and wrote a scathing conspectus of it. But I seem to remember that he planned to write a response to it and got as far as writing the headings for chapters and sections but never got any further. Does anyone know if this rough plan exists online? I can only find the conspectus.
This article (which agrees with Luxemburg's basic approach) tries to situate her work in its historical context.
http://en.internationalism.org/ir/142/luxemburg. It's part of a longer series on the historical development, within the marxist movement, of the notion of the decline of capitalism. Luxemburg's theories come up in several places in the series: http://en.internationalism.org/series/779