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Political theory:
The values and equal rights for everybody.

What is politics? 
What is just and what is unjust. In short, what is right and wrong.

What do we study in political theory?
To form values in order to govern our society.

Why do we require political theory with changing times?
The society changes with the passage of time so different interpretations are there to have freedom, rights and equality. That is the reason why do we require political theory with changing times.