Capitalism

Karl Marx was coy about what lay on the other side of capitalism. Communism, in his phrase, amounted to ‘the real movement which abolishes the present state of things’. As a guide to the organisation of society, the pugnacious phrase left something to be desired – literally. Though he appreciated capitalism as an essential stage in the progress of humanity, Marx nevertheless treated its supersession as both a historical necessity and a moral desideratum. The very status of the person as a person is at stake. Under capitalism, we are damaged and incomplete, alienated from our labour and deprived of the means to realise our true potential. 

It may be far too early to begin writing obituaries for neo-liberalism; as with Mark Twain, reports of its demise constitute an exaggeration. With the growing critique of neo-liberalism, in which our own prime minister has joined, there is a pervasive assumption that it is something of an aberration, an errant change of course in the development of capitalism. That assumption is, I suggest, erroneous; the thirty-year phenomenon to which we give the name neo-liberalism is in reality capitalism qua capitalism; neo-liberalism is really capitalism unleashed with minimal regard for its social consequences. There is also a second myth that needs to be challenged in the emerging critique of neo-liberalism: the Keynesian consensus did not merely outlive its usefulness; it was undermined and sabotaged by a combination of US policy failures and opportunistic vested interests.

This is a large yet very readable book. There are three strands to this work: a demonstration of the inexorable tendency of a market economy to oligopoly; an explanation of the ease with which money can set ethical consideration aside; and an account of the development of the companies that make and market Coca-Cola. While McQueen has strong opinions, he is careful to separate his critique from his account, and he supports both his opinions and his account with extensive referencing and a substantial bibliography.

I wouldn’t have minded being a fly on the wall when Valerie Wilson did the research for this book. It began life as a PhD project in the University of Melbourne’s Business School. Wilson wanted to find out what underlying attitude people had to money. She should have asked me. I love the stuff. Just don’t see enough of it.