For 40 years, united auto worker president s walter reuther, Leonard Woodcock and Douglas Fraser won higher pay for their members. Why in 1979 would fraser agree to take less . Employers and labor unions like buyers and sellers, try to make the best deal for themselves. Labor and management how do they come to terms . With economic analyst richard gill well examine that question on this edition of economics usa. Im david schoumacher. Fewer than 1 3 of American Workers are covered by union contract. But organized labors strength at the economys pressure points the big smokestack industries, the arteries of transportation and communication make them a force to be reckoned with. For more than 75 years labor unions have been a fact of American Economic le. How did they get power . We are childn ofmmignts. The largest number came here around the turn of the century. Millions, most of them jewish or italian, unskilled and uneducated settled in new york citys crowded tenements. What kind of w
Why, then, would they spend 500 million on a radically new plant . How could an idea developed by two College Dropouts be worth 300 million . A fundamental incentive of our Economic System is to make money. It is why we work, save, invest, and take risks. Individuals and institutions alike want to maximize the money they can get from the marketplace. Profits and interest how do you get the best return . With economic analyst richard gill, well investigate that question on this edition of economics usa. Im david schoumacher. The church first decreed that charging for the use of money was sinful. The concept of usury and its immorality is found in the bible. By the middle ages, it was church law. Usury came to mean excessive Interest Rates. Limiting rates to reasonable levels was adopted as government policy. What caused that policy to work against people it was designed to protect . For 100 years, maryland Financial Institutions lived with laws setting usury ceilings. Because Interest R
Thatoon therwot beenoughasic ra. Are e opts ofoom coect . This has been americas century. Thatoon therwot beenoughasic ra. Giant stepspts of Economic Growth ha taken usom the auto e thatoon therwot beenoughasic ra. Our real gross nationaproduct ohas increasetenfold. Our al income r rson has tripled. Can we keep up the pace . Wi the help of anast richard gill welexamine that questio othe improvement in our standard of living caie ouEconomic Growth since 1900. Average woers enjoy the times as many goods. Alofs because of a continuing increase in productivity, e engine of growth 70 years agoin theuto i. How did it begin . Why was it successful . Turn of the century autos their purposengs was not wholly clear. Peaps they were stin static pos. Certainly, Auto Industry growth was static. Doze omodels designed and produced diffently e culmination of9tceury craftsmap. With buyers likestors, vanderbilts, e culmination of9tcwhitneys, and winthrops setting the fashion, 5,000 a car 50,000 in today
To control the ravages of the great Tennessee River. Why would anyone object . Medical advances have added years to americans lives. But not everyone can afford medical cares high cost. Why shouldnt the government guarantee a minimum level of health care . In 1978, californians voted for proposition 13 even though it was likely to result in cutbacks of government services. D the gornment gone too far . Not everyone agrees on governments proper role. Some feel government has gotten out of hand. Others feel were not doing enough. Public goods and responsibility how far should we go . Well examine that question with the help of economic analyst richard gill on this edition of economics usa. Im david schoumacher. We canll enjoy the benefitsof Public Services such as museums, schools, and highways, but they have to be paid for. They are, usually in the form of taxes. Why must the government provide these services . Why cant we rely instead on the fe market . Its a controversial question, as
Rising prices became a fact of life despite the clamor to do something about it. Inflation how did the spiral begin . With economic analyst richard gill well explore that on this edition of economics usa. Im david schoumacher. What is inflation . Here at the bureau of labor statistics, they measure inflation in a sense with the Consumer Price index, totaling the costs of goods and services, then comparing them from month to month and year to year. Inflation has affected everybody. Some look back nostalgically to the threecent postage stamp. When prices go up a little were not surprised. But when they get out of hand, we take notice as we did in the late 1960s when prices began spiraling upward. What caused that spiral . As the country grew in the 1950s no one was worried about inflation. Then late in the decade, the economy cooled down. That became a factor in the 1960 elections. Im not satisfied to have 50 of our steel mill capacity unused or when the United States had last year the l