Labor Unions Since the foundation of the American Federation of Labor(AFL) in 1886, most unions in the United States have displayed a pragmatic out look, largely compatible with that of business. The general purpose of unions has been to protect and advance the well being of workers, while that of business has been to promote the interests of stockholders. Higher wages and higher profits are compatible over the long run in a growing economy. Conflict does arise, however, from the fact that in the short run higher wages for workers imply lower profits for shareholders. Power, too, is a matter of dispute. In the absence of unions, managers have a monopoly of power over their employees. With unions on the scene, that power must be shared. The standard economic analysis of what gave a particular union the power to raise the pay and benefits of its members was propounded by....

Number Of Pages: 3

Number Of Words: 619

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