Charles M. Schwab Quotes
Our efforts must be bent in the direction of convincing the great mass of working people of this country of the necessity of our winning and retaining our place in business and commerce. That place can be won only through the workers' own efforts and through their own efficiency.
Schwab, Charles M. Address. Yearbook of the American Iron and Steel Institute, 1919.
At the time, 10 and 12 hour work days were common throughout the country and a movement had started to shorten the work day by legislation. Overtime payment over 8 hours was the eventual solution.
This is one of the classic labor-management problems. It can be solved by legislating minimum wages, having very strong labor unions, that can pressure all the employers of an industry at once, or to have industrial unions as they do in Germany.
Charles Michael Schwab was an American steel magnate. Under his leadership, Bethlehem Steel became the second-largest steel maker in the United States, and one of the most important heavy manufacturers in the world.