Wage Control Quotes
At the time, industrialists could not even conceive of the notion of negotiating over wages must less collective bargaining.
At the time this was generally true for most businesses. However, in a modern economy, there are other ways. Increasing volume, automation, innovating products and services to get premium prices naw are standard techniques.
The company’s profits were $5.7 billion--$45,000 per employee. He then imposed a 6 year wage freeze on long term employees and cut the wages of new employees. His compensation has increased 80 percent in the last 2 years. Most large corporation CEOs do not share this need for “unlimited” profits. Most set a target and then try and get the corporate team to reach or exceed it.
Description of pre Industrial Revolution wage controls. Generally, they were quite popular with employees and employers alike. There was also a great deal of price fixing. These produced stability whenever weather of disease affected the labor force and eliminated continuous labor/management strife whenever conditions changed. There were no unions or other labor organizations and the Justice of the Peace was the de facto arbitrator of a compulsory arbitration. There was also a perception of fairness and not just economic power determining decisions. With the industrial revolution, the number of different jobs and skills exploded and the old system was no longer practical. This started hundreds of years of labor / management approaches with none yet considered ideal. This is another example of how modernization brings additional problems along with the great benefits by which all of us are healthier, wealthier, better educated, have more leisure time, more freedom and control over our own lives.