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The Rise of the Working-Class Shareholder - Labor's Last Best Weapon (Hardcover)
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The Rise of the Working-Class Shareholder - Labor's Last Best Weapon (Hardcover)
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When Steven Burd, CEO of the supermarket chain Safeway, cut wages
and benefits, starting a five-month strike by 59,000 unionized
workers, he was confident he would win. But where traditional labor
action failed, a novel approach was more successful. With the aid
of the California Public Employees' Retirement System, a $300
billion pension fund, workers led a shareholder revolt that
unseated three of Burd's boardroom allies. In The Rise of the
Working-Class Shareholder: Labor's Last Best Weapon, David Webber
uses cases such as Safeway's to shine a light on labor's most
potent remaining weapon: its multitrillion-dollar pension funds.
Outmaneuvered at the bargaining table and under constant assault in
Washington, state houses, and the courts, worker organizations are
beginning to exercise muscle through markets. Shareholder activism
has been used to divest from anti-labor companies, gun makers, and
tobacco; diversify corporate boards; support Occupy Wall Street;
force global warming onto the corporate agenda; create jobs; and
challenge outlandish CEO pay. Webber argues that workers have found
in labor's capital a potent strategy against their exploiters. He
explains the tactic's surmountable difficulties even as he cautions
that corporate interests are already working to deny labor's access
to this powerful and underused tool. The Rise of the Working-Class
Shareholder is a rare good-news story for American workers, an
opportunity hiding in plain sight. Combining legal rigor with
inspiring narratives of labor victory, Webber shows how workers can
wield their own capital to reclaim their strength.
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