It lives on in the World Council of Churches: luckily, the WCC itself is almost dead:
Since the fall of the Berlin Wall, twenty years ago, many critics have been quick to sign liberation theology’s death certificate. Most of them did so because they understood it to be an apology of bygone Soviet-style socialism. It seems, though, that this death certificate has been issued prematurely.
It is true that liberation theologians – some more than others – used Marxist categories for socioeconomic analysis and for a critique of capitalism’s evils. However, the core of liberation theology has never been Marxism.
If the core of Liberation Theology is not Marxist, we would expect to find it agitating for the “liberation” of the oppressed in left-wing dictatorships like China and Cuba; instead, it plays the prancing sycophant to them – because it really does have Marxism, not Christianity at its core.