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This is a broad question. In a general sense, Marxist theory refers to the ideas of Karl Marx and socialism in a variety of domains. The driving force behind Marxist theory is to be able to to apply it in multiple realms. For example, Marxist literary theory addresses Marxist ideas in works of literature, seeking to reconfigure such works as representations of Marx's ideas about class, economic determinism, and the ownership of the means of production. It has relevancy to our modern setting because of its critique of capitalism more than anything else. As we progress through a globalized stage of development where capitalist thought is embraced by nearly everyone, Marxist theory plays into this because the same realities that Marx found in the mid- nineteenth century are similar to what is being developed now. The recent economic crisis, government bailouts of institutions who were able to conceal great wealth, and the revelation that capitalism has a rather dark side to it are all examples of how Marxist theory can be applied to the modern setting.
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