This book lays out, in very broad outline, Belloc's version of European economic history, starting with ancient pagan states, in which slavery was critical to the economy, through the medieval Christendom process which transformed an economy based on serf labour in a state in which the property was well distributed, to 19th and 20th century capitalism. Belloc argues that the development of capitalism was not a natural consequence of the Industrial Revolution, but a consequence of the earlier dissolution of the monasteries in England, which then shaped the course of English industrialisation. English capitalism then spread across the world.

Joseph Hilaire Pierre René Belloc (1870 1953) was a British-French writer and historian and one of the most prolific writers in England during the early twentieth century. Belloc was also an orator, poet, sailor, satirist, writer of letters, soldier, and political activist. He was President of the Oxford Union and later MP for Salford South from 1906 to 1910.