For some reason Marxist theory is still a huge deal among political academics. I've seen this myself at times - the UM Dartmouth course on sociology for instance was heavily into it, during the segment on class oppression. And that was an introductory course.
But, but... every Marxist (or similar) revolution so far has turned nasty, or degenerated into something that wasn't socialism. And meanwhile the more functional extant countries, with more functional left-leaning policies, are ones that did not undergo revolutions; at least by most people's definition, AFAIK. The ones that are "liberalized," as some people would put it. Hell - at this point the United States could, by a lot of measures, be considered more socialist than the PRC. Working conditions and labor laws, freedom of expression, even poverty levels.
So why are we still even talking about Karl Marx in a modern context? Why are we still acting like the methods and results of Marxism are more desirable than those of runaway capitalism? Perhaps I speak from ignorance, but all that blood-soaked history seems to me about as strong a disproof as one could possibly ask for, no?
Edit: but needless to say I'd love to hear input from those who live in more left-leaning countries. Rommie? SFC? TSC (if you want to comment)?