Word: wage
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Dates: during 1950-1959
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...recession can be traced very largely to a revolt of the FIGs (Fixed Income Groups) against the wage-price spiral. If this spiral is not stopped, the FIGs will, in the end, be starved out of existence...
...Strikes. The ill wind has blown some good for the automakers. In labor relations, they have fewer problems than they had expected this year. At the start of negotiations for a new contract last month, Walter Reuther's United Auto Workers asked for a 35?-45?-an-hour wage package and tried a familiar whipsaw strategy to get it. The U.A.W. fired off contract termination notices to Ford and Chrysler but not to G.M., obviously hoped to force the two smaller companies to settle, then use the settlements to pressure G.M. into line. But when the industry formed...
What the automen offered instead was a two-year extension of the current contract, which would include an automatic annual wage boost of 7? an hour. Then, to emphasize its solidarity with the other companies and prevent whipsawing, G.M. pulled a surprise. It canceled its contract as of May 29. The move astounded and infuriated the U.A.W., which is now faced with an industry-wide shutdown if it strikes one of the companies, since all can refuse to operate without contracts. Roared Reuther: "They can't make us strike. We are not going to accommodate the industry by striking...
Some of the bad habits belong to labor: wage increases not based upon increases in productivity mean higher prices, lower sales, fewer jobs. "The pattern of spectacular competitive wage increases is relatively new in American labor. It arose after 1946 because of special postwar conditions...
...warrior shall be withdrawn until the battle is won," proclaimed the Peking People's Daily. "All must join battle ardently and courageously; we must persevere with the doggedness of revolutionaries." Into battle, thus exhorted, went the Chinese millions to wage war on the lowly sparrow...