I would say that Marx and labor theory of value are still relevant as mechanisms for understanding capitalism. According to Marx, Capitalism is a mode of economics that has unleashed the productive forces, but its internal contradictions give rise to increasing crisises. There is a constant downward pressure on labor costs versus rising costs of living.
Crisis has been averted multiple times, and the productive forces continue to be unleashed. To prevent total collapse, concessions like welfare have been made.
However, there is a real possibility of potential growth being stifled by self interests of powerful economic actors. This bleeds out now into identity politics as people view the liberal system as incapable of providing the growth and future they thought would be delivered. Either unprivileged groups want to be paid high wages or the privileged groups want to protect their high wages from being cut down. This is a form of class warfare that isn't too different from what Marx observed in his days.
This still is far away from achieving the socialist mode of production where the workers become the planner and rulers of the economy to further unleash the productive forces.
Crisis has been averted multiple times, and the productive forces continue to be unleashed. To prevent total collapse, concessions like welfare have been made.
However, there is a real possibility of potential growth being stifled by self interests of powerful economic actors. This bleeds out now into identity politics as people view the liberal system as incapable of providing the growth and future they thought would be delivered. Either unprivileged groups want to be paid high wages or the privileged groups want to protect their high wages from being cut down. This is a form of class warfare that isn't too different from what Marx observed in his days.
This still is far away from achieving the socialist mode of production where the workers become the planner and rulers of the economy to further unleash the productive forces.