These among other economic predictions are some of the reasons that supplement Marx’s relevance in the present time.
The ideology of the social structures and economic interests dictate the political movements and intellectual conceptions of the people. This fact is evident in many circumstances in the present day. The political parties nowadays are controlled by the association of certain members of the public with clear and similar goals. These parties with a particular member associations define the economic state of the nation considering the people they represent. Marx developed this theory in 1840 so as to explain the different systems of royalism that France had that were affecting the social structure. In Marx’s view, he claimed that the economic interests revolved around the social groups (Schumpeter 2013, p. 20). Politically, it is possible to rise to power through reaching out to these groups and changing the economic status of a nation will certainly affect these groups.
In the last presidential elections of the united states of America the tea party which supported the candidate mitt Romney was formed as a result of being fed up from the taxes of the Obama administration. The tea party started as a social group that were of the opinion they were being taxed more than the usual and the fruits of their taxes were not being experienced. This led to an association of people who wanted to change their financial status, through the changing of the political setup to attain the economic interests of the members (Sperber 2013 ). This is an example of the current events that are applicable to the theories that Marx put out in assessing the leadership of a place relative to the economic status of the region.
The labor theory of value is also a Marx ideology which tends to describe the pricing of a commodity in relation to the cost of labor induced in production. A commodity