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EI Weekly Listen — Capitalism, Socialism and Democracy revisited by Niall Ferguson

The EI Podcast

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1840 - The Rise of the Industrial Workers

In 18 50 only france, greece and switzerland had franchises in which more than a fifth of the population got to vote. Broader representation led to legislation that benefited lower income groups. Day wages in london doubled in real terms between 18 forty eight and 19 13. Free trade in britain meant cheap bread. And cheap bread plus rising nominal wages, thanks to union pressure, meant a significant gain in real terms for workers. The prescriptions of the communist manifesto were singularly unappealing to industrial workers. They were aimed at marks and engels.

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