Unions Did Great Things for the Working Class
Strengthening them could blunt inequality and wage stagnation.
....
First, even back in the 1970s, some economists realized that unions do a lot more than just push up wages. In a 1979 paper entitled "The Two Faces of Unionism," economists Richard Freeman and James Medoff argued that "by providing workers with a voice both at the workplace and in the political arena, unions can and do affect positively the functioning of the economic and social systems."
....
So supporters of free markets should rethink their antipathy to unions. As socialism gains support among the young, both economists and free-market thinkers should consider the possibility that unions -- that odd hybrid of free-market bargaining and government intervention -- were the vaccine that allowed the U.S. and other rich nations to largely escape the disasters of communism in the 20th century.
It looks like it's time for a booster shot.
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
link from Naked Capitalism
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