I was led to this by Ikramul Haq. I have appended my comment at the end.
Terry Eagleton is a bold writer and my favourite. As far as I understand, in this book he has based his argument on ethical grounds the pernciousness of capitalism though he lays emphasis on the fact that Marx was a great admirer of capitalism and then leaves everything open, strategies and tactics all, and argues that Marx too was not a dogmatist. He keeps Marx’s communist project open-ended and suggests that perhaps we might settle for a kind of communism which accommodates the market (I fogret the exact term he uses, but that does not matter). Here is a quote at random from him:
“For Marx, as we have seen, socialism requires an expansion of the productive forces; but the task of expanding them fall s not to socialism itself but to capitalism. Socialism rides on the back of that material wealth, rather than building it up. It was Stalin, not Marx, who saw socialism as a matter of developing the productive forces. Capitalism is the sorcerer’s apprentice: it has summoned up powers which have spun wildly out of control and now threaten to destroy us. The task of socialism is not to spur on those powers but to bring them under rational control” (pp 235-236; Yale 2011 edition).
All in all, he is a refreshing read.
His views on religion are insightful too.