Economic theory

Economic Theory
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I agree with the argument on Marxism theory as it is more relevant in the 21st century than ever before. Marxism theory needed to be a braced and viewed as more than an intellectual tool for the mainstreaming of commentators as befuddled in the changing world in our country. Marxian theory delves much on capital, labor, labor power, commodities, values, production and distribution, accumulation of capital, crisis, and imperialism (Wolff and Resnick, 2012). The theory needs to be taken as a political tool in changing our world of Marxism in situations where societal conditions need to be improved. Despite its ending with the collapse of Soviet Union, we cannot say Marxism theory is dead since we will be neglecting the potential power and significance as well of the ideas brought in by Marxism theory.
The study and understanding of Marxism theory enable us to understand the dynamics of our society with the different classes and members. This is because the theory views the development at historical perspective which may help in the identification of the society’s movement and preferences. Harmoniously, the theory helps in the examination of various relationships in the society at different angles without the restriction form current points of view. Marxism theory as a social theory entails an essential factor that will effectively help resolve today’s problems even though some of its aspects seems to be updated. The approach is still relevant in our economic and political struggles currently experienced in the country and can significantly help in the modification of our society.

Therefore, although the application of communism in our real life has failed, it still provides essential principles in our society. The policies are vital for political and social systems in America.
Reference
Wolff, R. D., & Resnick, S. A. (2012). Contending economic theories: neoclassical, Keynesian, and Marxian (pp. 24-67). MIT Press.