For a far more nuanced and detailed look at life in London in the 1840s, read 'London Labour and the London Poor' by Henry Mayhew

https://en.wikipedia.org/wiki/London_Labour_and_the_London_P...

https://archive.org/details/londonlabourand00mayhgoog

http://www.gutenberg.org/ebooks/55998

The economist article is OK but a little onesided and cheerleading from their typical angle.