Are Unions Good or Bad for the Economy I think that unions have their place in the economy although they may be less relevant today than they have been historically. There is no doubt that in the infancy of the American industrial revolution there was an imbalance of power between companies and the labor force. Workers began to organize into labor unions in order to bargain for different things, such as better working hours and pay. The young movement had little success in the beginning because of this imbalance of power. As the movement grew they became more successful- and more powerful. Unions were able to secure better hours, pay and working conditions for workers. Even today unions have a profound impact. However, private sector industry unions have lost membership. According to the Bureau of Labor Statistics, unions lost membership overall (private and public sector unions) down to 11.9 percent in 2010 from 12.3 percent in 2009. (US Bureau of Labor Statistics, 2011)
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This note was uploaded on 03/25/2012 for the course ECO 101 taught by Professor Lindsey during the Spring '12 term at Post.