History of economic thought its critics. Socialism emerged in response to the miserable living and working conditions of the working class in the new industrial era, and the classical economics from which it sprang. The economic and political theory published in "The Communist Manifesto" (1848) and "Das Kapital" (1867) combined with the dialectic theory of history inspired by Friedrich Hegel (1770–1831) to provide a revolutionary critique of nineteenth-century capitalism. In 1845 German radical Friedrich Engels (1820–1895) published "The Condition of the Working Class in England in 1844", describing workers in Manchester as "the most unconcealed pinnacle of social misery in our day." After Marx
IFD Kapital Group The holding company 'Group Kapital Asset Management' CJSC was the second largest Russian asset management firm with over 230 billion rubles of assets in management,as of September 30, 2012 per company website. It comprises three companies, namely Kapital Asset Management Company LLC, Kapital Asset Management joint stock company (JSC) and Management Company Kapital Mutual Funds LLC. The holding is headed by Sergei Mikhailov, a member of the Board of Directors with numerous connections. The holding totaled assets of RUR 132.7 billion as of March 31, 2013. In November 2013 Bloomberg News reported IFD Kapital was planning to sell the holding