This work investigates the historical evolution and inherent contradictions of liberal democracy as it transitioned from early market societies to modern industrial states. C. B. Macpherson, a prominent political theorist, utilizes a historical-materialist framework to analyze how the concept of democracy became inextricably linked with the development of capitalist property relations. He argues that the liberal democratic model is not a static ideal but a product of specific economic conditions that have fundamentally shaped its definition of equality and individual rights.

Scholars frequently cite this text as a foundational critique of the liberal democratic tradition, noting its intellectual rigor and challenging perspective on political equality. Readers often observe that the prose is dense and requires a strong background in political theory to fully grasp the author's arguments.