London – The many criticisms of capitalism leveled over a century ago by Karl Marx, the co-author of the Communist Manifesto, may prove to be more right than wrong.
Evidence both anecdotal and empirical of many of Marx’s observations abounds across London, the city where the German-born Marx, who held a doctorate in philosophy, lived for three decades before his death in 1883.
Income inequity – an element of the capitalism Marx criticized – is at historic high in Britain as in the US.
The richest ten percent in Britain live 100 times better off than the poorest, according to a report published last year in the Guardian newspaper.
In London, the richest capital city in Europe, 41 percent of children live in poverty, according to statistics listed in a Museum of London exhibit.
That Guardian report placed average household wealth for Britain’s top ten percent at the equivalent of $1.3-million-U.S. dollars compared to the equivalent of $13,531 for Britain’s poorest.
Marx stated that the accumulation of wealth “at one pole is, therefore, at the same time, accumulation of misery.”