Look at London. Of course it matters to all of us that London's economy flourishes. But the test of the enormous wealth generated in patches of the capital is not that it contributed 20%-30% to Britain's GDP but how it affects the lives of the millions who live and work there. What kind of lives are available to them? Can they afford to live there? If they can't, it is not compensation that London is also a paradise for the ultra-rich. Can they get decently paid jobs or jobs at all? If they can't, don't brag about all those Michelin-starred restaurants and their self-dramatising chefs. Or schooling for children? Inadequate schools are not offset by the fact that London universities could field a football team of Nobel prize winners.


Eric Hobsbawm (2009) http://www.guardian.co.uk/commentisfree/2009/apr/10/financial-crisis-capitalism-socialism-alternatives The Guardian

The Guardian Eric Hobsbawm: Socialism has failed. Now capitalism is bankrupt. So what comes next?

Eric Hobsbawm Quotes

Look at London. Of course it matters to all of us that London's economy flourishes. But the test of the enormous wealth generated in patches of the...

Look at London. Of course it matters to all of us that London's economy flourishes. But the test of the enormous wealth generated in patches of the...