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Monthly Labor Review
Publishes in-depth articles on labor subjects, current labor statistics, information about current labor contracts, and book reviews.
Labor in the Age of Finance
From award-winning economic historian Sanford M. Jacoby, a fascinating and important study of the labor movement and shareholder capitalism Since the 1970s, American unions have shrunk dramatically, as has their economic clout. Labor in the Age of Finance traces the search for new sources of power, showing how unions turned financialization to their advantage. Sanford Jacoby catalogs the array of allies and finance-based tactics labor deployed to stanch membership losses in the private sector. By leveraging pension capital, unions restructured corporate governance around issues like executive pay and accountability. In Congress, they drew on their political influence to press for corporate reforms in the wake of business scandals and the financial crisis. The effort restrained imperial CEOs but could not bridge the divide between workers and owners. Wages lagged behind investor returns, feeding the inequality identified by Occupy Wall Street. And labor’s slide continued. A compelling blend of history, economics, and politics, Labor in the Age of Finance explores the paradox of capital bestowing power to labor in the tumultuous era of Enron, Lehman Brothers, and Dodd-Frank.
American Railroad Labor and the Genesis of the New Deal, 1919-1935
American historians tend to believe that labor activism was moribund in the years between the First World War and the New Deal. Jon Huibregtse challenges this perspective in his examination of the railroad unions of the time, arguing that not only were they active, but that they made a big difference in American Labor practices by helping to set legal precedents. Huibregtse explains how efforts by the Plumb Plan League and the Railroad Labor Executive Association created the Railroad Labor Act, its amendments, and the Railroad Retirement Act. These laws became models for the National Labor Relations Act and the Social Security Act. Unfortunately, the significant contributions of the railroad laws are, more often than not, overlooked when the NLRA or Social Security are discussed. Offering a new perspective on labor unions in the 1920s, Huibregtse describes how the railroad unions created a model for union activism that workers’ organizations followed for the next two decades.
Do Central Banks Serve the People?
Central banks have become the go-to institution of modern economies. In the wake of the 2007 financial crisis, they injected trillions of dollars of liquidity – through a process known as quantitative easing – first to prevent financial meltdown and later to stimulate the economy. The untold story behind these measures, and behind the changing roles of central banks generally, is that they have come at a considerable cost. Central banks argue we had no choice. This book offers a powerfully original examination of why this claim is false. Using examples from Europe and the US, the authors present and analyse three specific concerns about the way central banks in developed economies operat...
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