"History is a wonderful thing, if only it was true"

Saturday, January 22, 2011

Unions so 20th Century?

Bargaining for employment: Union power and the jobless recovery | The Economist:

"...labor-industrial complexes of the postwar era were mostly cosy oligopolies; there was a lot of value for labor to extract because they didn't have to worry so much about losing their customers. Those cosy oligopolies had cosy relationships with bankers, who lent them money to keep overstaffed in downturns without much thought of how the depositors would feel, and the depositors didn't care because their heavily regulated accounts paid exactly the same interest rates as every other bank, and were federally insured."

No comments: