it's more reasonable to assume that Coca-Cola made most of its money by creating local factories in developing nations which struggled with getting clean water.
This pushed the use of Coca Cola as a health conscious choice. On top of that, the labor was near free by western standards, the syrup price lock is so low, and the shipping is handled by the natives.
Coca-Cola has also been accused of massive civil liberties violations due to their opportunistic nature in South America.
This is usually too fringe for me to post, but http://killercoke.org/