The Essence of Capitalism: The Origins of Our Future

Robert W. Sexty is a professor of commerce and business administration
at Memorial University of Newfoundland and the author of Canadian
Business: Issues and Stakeholders.

Most of the multitude of books on global capitalism fall into “pro”
or “anti” categories. Seldom is there an objective, balanced account
of the world’s dominant economic system. The Essence of Capitalism
clearly falls into the “anti” category, and adds little, if
anything, to the understanding the globalization phenomenon.

The author describes the book as a short history of 20th century
capitalism. There is a focus on the monopolizing capitals (i.e.,
corporations that operate in oligopoly markets). Although the book
surveys many of these monopolizing capitals, McQueen frequently uses the
example of Coca-Cola to illustrate the wrongdoings of global capitalism.


Each of the book’s 18 chapters critiques a feature of capitalism
(e.g., franchising, advertising, consumer sovereignty, individualism,
and standardization). The author is against everything related to
capitalism but presents no solutions or alternatives. There is no
mention of entrepreneurship and the role of small enterprises, or
acknowledgment of how the corporation as an economic instrument of
capitalism has generated more wealth for more people than any other
economic system or government in history.

Readers seeking evidence of the alleged evils of capitalism will find
them in this book. Unfortunately, they will not find rigorous analysis
or balanced arguments.