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130-503: Officially launched on 6 July 2007, the Grenelle de l'environnement brought together the government, local authorities, trade unions , business and volunteer sectors to draw up a plan of action of concrete measures to tackle environmental issues . The " Grenelle " name came from the first conference to have brought all these players together, the May 1968 labor conference , which took place in

260-699: A 1 ⁄ 6 -shekel per day freight rate for a 60-gur vessel. In 1816, an archaeological excavation in Minya, Egypt (under an Eyalet of the Ottoman Empire) produced a Nerva–Antonine dynasty -era tablet from the ruins of the Temple of Antinous in Antinoöpolis , that prescribed the rules and membership dues of a burial society collegium established in Lanuvium , in approximately 133 AD during

390-466: A product and had control over his life and work. As industrial workers, however, the workers sold their work as labour and took directions from employers, giving up part of their freedom and self-agency in the service of a master. The critics of the new arrangement would call this " wage slavery ", but the term that persisted was a new form of human relations: employment. Unlike farmers, workers often had less control over their jobs; without job security or

520-408: A union , is an organization of workers whose purpose is to maintain or improve the conditions of their employment , such as attaining better wages and benefits , improving working conditions, improving safety standards, establishing complaint procedures, developing rules governing status of employees (rules governing promotions, just-cause conditions for termination) and protecting and increasing

650-534: A "climate energy contribution" or " carbon tax " (product tax based on the environmental damage they cause) was to bring in nearly 9.7 billion euros a year, according to a study by the ADEME (French Agency for Environment and Energy Management). But the measure has not been included in any bill yet, and even though the Government announced its future implementation, it did not set any timetable. Another funding source

780-426: A 2-shekel prevailing wage for each 60-gur (300- bushel ) vessel constructed in an employment contract between a shipbuilder and a ship-owner. Law 275 stipulated a ferry rate of 3- gerah per day on a charterparty between a ship charterer and a shipmaster. Law 276 stipulated a 2 1 ⁄ 2 -gerah per day freight rate on a contract of affreightment between a charterer and shipmaster, while Law 277 stipulated

910-482: A blend of these two philosophies, and the definitions of the models themselves are still debated. Informal workers often face unique challenges when trying to participate in trade union movements as formal trade union organizations recognized by the state and employers may not accommodate for the employment categories common in the informal economy. Simultaneously, the lack of regular work locations and loopholes relating to false self-employment add barriers and costs for

1040-632: A century (and Marx's writings themselves frequently address the prior existence of the workers' movements of his time.) The first recorded labour strike in the United States was by Philadelphia printers in 1786, who opposed a wage reduction and demanded $ 6 per week in wages. The origins of modern trade unions can be traced back to 18th-century Britain, where the Industrial Revolution drew masses of people, including dependents , peasants and immigrants, into cities. Britain had ended

1170-478: A crisis of ideas in mainstream economics and within the economics profession, and call for a reshaping of both the economy, economic theory and the economics profession. They argue that such a reshaping should include new advances within feminist economics and ecological economics that take as their starting point the socially responsible, sensible and accountable subject in creating an economy and economic theories that fully acknowledge care for each other as well as

1300-575: A federation of different unions that did not directly enrol workers. In 1886, it became known as the American Federation of Labor or AFL. In Germany, the Free Association of German Trade Unions was formed in 1897 after the conservative Anti-Socialist Laws of Chancellor Otto von Bismarck were repealed. In France, labour organisation was illegal until the 1884 Waldeck Rousseau laws . The Fédération des bourses du travail

1430-490: A minimum, there's a little 'froth' [in the U.S. housing market]...it's hard not to see that there are a lot of local bubbles". The Economist , writing at the same time, went further, saying, "[T]he worldwide rise in house prices is the biggest bubble in history". Real estate bubbles are (by definition of the word "bubble") followed by a price decrease (also known as a housing price crash ) that can result in many owners holding negative equity (a mortgage debt higher than

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1560-758: A number of occasions and the Professional Air Traffic Controllers Organization (PATCO) endorsed Ronald Reagan in 1980. In the United Kingdom trade union movement's relationship with the Labour Party frayed as party leadership embarked on privatization plans at odds with what unions see as the worker's interests. However, it has strengthened once more after the Labour party's election of Ed Miliband , who beat his brother David Miliband to become leader of

1690-659: A political party intended to represent the interests of the working class. Typically, this is a left-wing , socialist , or social democratic party, but many exceptions exist, including some of the aforementioned Christian unions. In the United States, trade unions are almost always aligned with the Democratic Party with a few exceptions. For example, the International Brotherhood of Teamsters has supported Republican Party candidates on

1820-436: A promise of an on-going relationship with their employers, they lacked some control over the work they performed or how it impacted their health and life. It is in this context that modern trade unions emerge. In the cities, trade unions encountered much hostility from employers and government groups. In the United States, unions and unionists were regularly prosecuted under various restraint of trade and conspiracy laws, such as

1950-726: A public debate in the first half of October, these proposals led to 20 measures on 25 October. The Grenelle working groups set ambitious goals in numerous areas: biodiversity and natural resources , climate change , relations between the environment and public health, modes of production and consumption, issues of "environmental governance" and "ecological democracy", the promotion of sustainable patterns of development favorable to competitiveness and employment, genetically modified organisms (GMOs), waste management. The main commitments were: To realize these commitments, thirty-three operational sites were launched in December 2007 to determine

2080-668: A range of socialists from Owenites to revolutionaries and played a part in the protests after the Tolpuddle Martyrs ' case, but soon collapsed. More permanent trade unions were established from the 1850s, better resourced but often less radical. The London Trades Council was founded in 1860, and the Sheffield Outrages spurred the establishment of the Trades Union Congress in 1868, the first long-lived national trade union center . By this time,

2210-572: A resolution preventing CFTC from regulating derivatives for another six months — when Born's term of office would expire. Ultimately, it was the collapse of a specific kind of derivative, the mortgage-backed security , that triggered the economic crisis of 2008. Paul Krugman wrote in 2009 that the run on the shadow banking system was the fundamental cause of the crisis. "As the shadow banking system expanded to rival or even surpass conventional banking in importance, politicians and government officials should have realised that they were re-creating

2340-770: A sharp drop in international trade , rising unemployment and slumping commodity prices. Several economists predicted that recovery might not appear until 2011 and that the recession would be the worst since the Great Depression of the 1930s. Economist Paul Krugman once commented on this as seemingly the beginning of "a second Great Depression". Governments and central banks responded with fiscal policy and monetary policy initiatives to stimulate national economies and reduce financial system risks. The recession renewed interest in Keynesian economic ideas on how to combat recessionary conditions. Economists advise that

2470-510: A tool for taking excessive risks. Examples of vulnerabilities in the public sector included: statutory gaps and conflicts between regulators; ineffective use of regulatory authority; and ineffective crisis management capabilities. Bernanke also discussed " Too big to fail " institutions, monetary policy, and trade deficits. There are several "narratives" attempting to place the causes of the recession into context, with overlapping elements. Five such narratives include: Underlying narratives #1–3

2600-465: A trade union is "an organisation consisting predominantly of employees, the principal activities of which include the negotiation of rates of pay and conditions of employment for its members". Recent historical research by Bob James puts forward the view that trade unions are part of a broader movement of benefit societies , which includes medieval guilds , Freemasons , Oddfellows , friendly societies , and other fraternal organizations . Following

2730-517: A union are binding on the rank-and-file members and the employer, and in some cases on other non-member workers. Trade unions traditionally have a constitution which details the governance of their bargaining unit and also have governance at various levels of government depending on the industry that binds them legally to their negotiations and functioning. Originating in the United Kingdom , trade unions became popular in many countries during

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2860-413: Is a hypothesis that growing income inequality and wage stagnation encouraged families to increase their household debt to maintain their desired living standard, fueling the bubble. Further, this greater share of income flowing to the top increased the political power of business interests, who used that power to deregulate or limit regulation of the shadow banking system. Narrative #5 challenges

2990-485: Is globalization, which makes it harder for unions to maintain standards across countries. The last reason is governmental policies. These come from both sides of the political spectrum. In the UK and US, it has been mostly right-wing proposals that make it harder for unions to form or that limit their power. On the other side, there are many social policies such as minimum wage , paid vacation , parental leave, etc., that decrease

3120-489: Is supported by the far-right BNP . In Denmark, there are some newer apolitical "discount" unions who offer a very basic level of services, as opposed to the dominating Danish pattern of extensive services and organizing. In contrast, in several European countries (e.g. Belgium, Denmark, the Netherlands and Switzerland ), religious unions have existed for decades. These unions typically distanced themselves from some of

3250-414: Is that a trade union "is a continuous association of wage earners for the purpose of maintaining or improving the conditions of their employment". Karl Marx described trade unions thus: "The value of labour-power constitutes the conscious and explicit foundation of the trade unions, whose importance for the ... working class can scarcely be overestimated. The trade unions aim at nothing less than to prevent

3380-466: Is the timing. Subprime lending increased from around 10% of mortgage origination historically to about 20% only from 2004 to 2006, with housing prices peaking in 2006. Blaming affordable housing regulations established in the 1990s for a sudden spike in subprime origination is problematic at best. A more proximate government action to the sudden rise in subprime lending was the SEC relaxing lending standards for

3510-547: The 1820 Rising in Scotland, in which 60,000 workers went on a general strike , which was soon crushed. Sympathy for the plight of the workers brought repeal of the acts in 1824, although the Combination Act 1825 restricted their activity to bargaining for wage increases and changes in working hours. By the 1810s, the first labour organizations to bring together workers of divergent occupations were formed. Possibly

3640-515: The American Enterprise Institute , which advocates for private enterprise and limited government, have asserted that private lenders were encouraged to relax lending standards by government affordable housing policies. They cite The Housing and Community Development Act of 1992, which initially required that 30 percent or more of Fannie's and Freddie's loan purchases be related to affordable housing. The legislation gave HUD

3770-492: The Commodity Futures Trading Commission , put forth a policy paper asking for feedback from regulators, lobbyists, and legislators on the question of whether derivatives should be reported, sold through a central facility, or whether capital requirements should be required of their buyers. Greenspan, Rubin, and Levitt pressured her to withdraw the paper and Greenspan persuaded Congress to pass

3900-905: The European Convention on Human Rights and Fundamental Freedoms . It was stressed that Denmark and Iceland were among a limited number of contracting states that continue to permit the conclusion of closed-shop agreements. The academic literature shows substantial evidence that trade unions reduce economic inequality . The economist Joseph Stiglitz has asserted that, "Strong unions have helped to reduce inequality, whereas weaker unions have made it easier for CEOs , sometimes working with market forces that they have helped shape, to increase it." Evidence indicates that those who are not members of unions also see higher wages. Researchers suggest that unions set industrial norms as firms try to stop further unionization or losing workers to better-paying competitors. The decline in unionization since

4030-676: The IMF criteria for being a global recession only in the single calendar year 2009. That IMF definition requires a decline in annual real world GDP per‑capita . Despite the fact that quarterly data are being used as recession definition criteria by all G20 members , representing 85% of the world GDP , the International Monetary Fund (IMF) has decided—in the absence of a complete data set—not to declare/measure global recessions according to quarterly GDP data. The seasonally adjusted PPP ‑weighted real GDP for

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4160-517: The Industrial Revolution . Trade unions may be composed of individual workers, professionals , past workers , students , apprentices or the unemployed . Trade union density, or the percentage of workers belonging to a trade union, is highest in the Nordic countries . Since the publication of the History of Trade Unionism (1894) by Sidney and Beatrice Webb , the predominant historical view

4290-625: The International Trade Union Confederation . However, in Japan , union organisation is slightly different due to the presence of enterprise unions, i.e. unions that are specific to a plant or company. These enterprise unions, however, join industry-wide federations which in turn are members of Rengo , the Japanese national trade union confederation. In Western Europe , professional associations often carry out

4420-697: The International Transport Workers Federation , the International Federation of Journalists , the International Arts and Entertainment Alliance and Public Services International . Union law varies from country to country, as does the function of unions. For example, German and Dutch unions have played a greater role in management decisions through participation in supervisory boards and co-determination than other countries. Moreover, in

4550-532: The OECD average of 35.9% in 1998 to 27.9% in the year 2018. The main reasons for these developments are a decline in manufacturing , increased globalization , and governmental policies. The decline in manufacturing is the most direct influence, as unions were historically beneficial and prevalent in the sector; for this reason, there may be an increase in developing nations as OECD nations continue to export manufacturing industries to these markets. The second reason

4680-657: The Senate . This text, known as "First Grenelle Act", sets the general policy and describes the choices made while not specifying their practical implementation or funding. It simply reflects the legislative commitments made in October 2007. This first bill focuses on climate and seeks to divide, by four, all emissions of greenhouse gases by 2050. The industrial sectors most affected are construction and transport, which together account for 40% of total emissions. The bill includes construction of 1,500 km of public transport , and

4810-623: The Sherman Antitrust Act . This pool of unskilled and semi-skilled labour spontaneously organized in fits and starts throughout its beginnings, and would later be an important arena for the development of trade unions. Trade unions have sometimes been seen as successors to the guilds of medieval Europe , though the relationship between the two is disputed, as the masters of the guilds employed workers (apprentices and journeymen) who were not allowed to organize. Trade unions and collective bargaining were outlawed from no later than

4940-625: The World Federation of Trade Unions created in 1945. The largest trade union federation in the world is the Brussels -based International Trade Union Confederation (ITUC), created in 2006, which has approximately 309 affiliated organizations in 156 countries and territories, with a combined membership of 166 million. National and regional trade unions organizing in specific industry sectors or occupational groups also form global union federations , such as UNI Global , IndustriALL ,

5070-413: The bargaining power of workers. Trade unions typically fund their head office and legal team functions through regularly imposed fees called union dues . The union representatives in the workforce are usually made up of workplace volunteers who are often appointed by members through internal democratic elections. The trade union, through an elected leadership and bargaining committee, bargains with

5200-505: The lunar new year . Companies that employ workers with a union generally operate on one of several models: An EU case concerning Italy stated that, "The principle of trade union freedom in the Italian system implies recognition of the right of the individual not to belong to any trade union ("negative" freedom of association/trade union freedom), and the unlawfulness of discrimination liable to cause harm to non-unionized employees." In

5330-547: The recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression . The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system, along with a series of triggering events that began with the bursting of

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5460-444: The 1960s in the United States has been associated with a pronounced rise in income and wealth inequality and, since 1967, with loss of middle class income. Right-to-work laws have been linked to greater economic inequality in the United States. Late 2000s recession The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009. The scale and timing of

5590-429: The 19th and early 20th centuries, the current banking panic is a wholesale panic, not a retail panic. In the earlier episodes, depositors ran to their banks and demanded cash in exchange for their checking accounts. Unable to meet those demands, the banking system became insolvent. The current panic involved financial firms "running" on other financial firms by not renewing sale and repurchase agreements (repo) or increasing

5720-416: The 19th century. Yet, over the past 30-plus years, we permitted the growth of a shadow banking system – opaque and laden with short term debt – that rivaled the size of the traditional banking system. Key components of the market – for example, the multitrillion-dollar repo lending market, off-balance-sheet entities, and the use of over-the-counter derivatives – were hidden from view, without

5850-544: The FCIC Republican minority dissenting report also concluded that U.S. housing policies were not a robust explanation for a wider global housing bubble. The hypothesis that a primary cause of the crisis was U.S. government housing policy requiring banks to make risky loans has been widely disputed, with Paul Krugman referring to it as "imaginary history". One of the other challenges with blaming government regulations for essentially forcing banks to make risky loans

5980-533: The Federal Reserve has been widely discussed, the main point of controversy remains the lowering of the Federal funds rate to 1% for more than a year, which, according to Austrian theorists , injected huge amounts of "easy" credit-based money into the financial system and created an unsustainable economic boom. There is an argument that Greenspan's actions in the years 2002–2004 were actually motivated by

6110-416: The Federal Reserve. Further, American International Group (AIG) had insured mortgage-backed and other securities but was not required to maintain sufficient reserves to pay its obligations when debtors defaulted on these securities. AIG was contractually required to post additional collateral with many creditors and counter-parties, touching off controversy when over $ 100 billion of U.S. taxpayer money

6240-634: The G20‑;zone, however, is a good indicator for the world GDP, and it was measured to have suffered a direct quarter on quarter decline during the three quarters from Q3‑2008 until Q1‑2009, which more accurately mark when the recession took place at the global level. According to the U.S. National Bureau of Economic Research (the official arbiter of U.S. recessions) the recession began in December 2007 and ended in June 2009, and thus extended over eighteen months. The years leading up to

6370-408: The Great Recession that began in the U.S. officially in December 2007 and lasted until June 2009, thus extending over 19 months. As with most other recessions, it appears that no known formal theoretical or empirical model was able to accurately predict the advance of this recession, except for minor signals in the sudden rise of forecast probabilities, which were still well under 50%. The recession

6500-644: The Rue de Grenelle. Six working groups, composed of representatives of the central government, local governments, employer organizations and trade unions and NGOs, first gathered to debate the topics of climate change and energy , biodiversity and natural resources , health and the environment , production and consumption of ecological democracy , development patterns and environmental employment and competitiveness. Two groups devoted to Genetically Modified Organisms (GMOs) and waste management were also established. All submitted their proposals on 27 September 2007. After

6630-753: The Summit on Financial Markets and the World Economy," dated November 15, 2008, leaders of the Group of 20 cited the following causes: During a period of strong global growth, growing capital flows, and prolonged stability earlier this decade, market participants sought higher yields without an adequate appreciation of the risks and failed to exercise proper due diligence. At the same time, weak underwriting standards, unsound risk management practices, increasingly complex and opaque financial products, and consequent excessive leverage combined to create vulnerabilities in

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6760-692: The UK and the US ), a cross-section of workers from various trades ( general unionism , traditionally found in Australia, Belgium, Canada, Denmark, Netherlands, the UK and the US), or attempt to organize all workers within a particular industry ( industrial unionism , found in Australia, Canada, Germany, Finland, Norway, South Korea, Sweden, Switzerland, the UK and the US). These unions are often divided into " locals ", and united in national federations . These federations themselves will affiliate with Internationals , such as

6890-504: The US, from $ 106,591 to $ 68,839 between 2005 and 2011. The US Financial Crisis Inquiry Commission , composed of six Democratic and four Republican appointees, reported its majority findings in January 2011. It concluded that "the crisis was avoidable and was caused by: There were two Republican dissenting FCIC reports. One of them, signed by three Republican appointees, concluded that there were multiple causes. In his separate dissent to

7020-552: The United Kingdom, previous to this EU jurisprudence, a series of laws introduced during the 1980s by Margaret Thatcher's government restricted closed and union shops. All agreements requiring a worker to join a union are now illegal. In the United States, the Taft–Hartley Act of 1947 outlawed the closed shop. In 2006, the European Court of Human Rights found Danish closed-shop agreements to be in breach of Article 11 of

7150-552: The United States housing bubble in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of mortgage-backed securities held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase was called the subprime mortgage crisis . The combination of banks being unable to provide funds to businesses, and homeowners paying down debt rather than borrowing and spending, resulted in

7280-483: The United States, and 21% in Denmark. Household defaults, underwater mortgages (where the loan balance exceeds the house value), foreclosures, and fire sales are now endemic to a number of economies. Household deleveraging by paying off debts or defaulting on them has begun in some countries. It has been most pronounced in the United States, where about two-thirds of the debt reduction reflects defaults." The onset of

7410-514: The United States, collective bargaining is most commonly undertaken by unions directly with employers, whereas in Austria, Denmark, Germany or Sweden, unions most often negotiate with employers associations , a form of sectoral bargaining . Concerning labour market regulation in the EU, Gold (1993) and Hall (1994) have identified three distinct systems of labour market regulation, which also influence

7540-513: The academic definition, the recession ended in the United States in June or July 2009. Journalist Robert Kuttner has argued that 'The Great Recession' is a misnomer. According to Kuttner, "recessions are mild dips in the business cycle that are either self-correcting or soon cured by modest fiscal or monetary stimulus. Because of the continuing deflationary trap, it would be more accurate to call this decade's stagnant economy The Lesser Depression or The Great Deflation." The Great Recession met

7670-489: The amount and the allocation of resources and expenditure of the government), adopted in December 2008. The funding was also to be specified in a so-called "Grenelle 2" in 2009 or 2010. At the end of 2008, there were growing concerns about the funding of the Grenelle, due to the economic crisis . The total cost of the bill "Grenelle 1" has been estimated at around 120 billion euros, representing an annual average of 12 billion euros investment (0,6% of GDP ). The establishment of

7800-464: The bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014 . As of January 2018 , bailout funds had been fully recovered by the government, when interest on loans is taken into consideration. A total of $ 626B was invested, loaned, or granted due to various bailout measures, while $ 390B had been returned to

7930-528: The bailouts. In 2008, TARP allocated $ 426.4 billion to various major financial institutions. However, the US collected $ 441.7 billion in return from these loans in 2010, recording a profit of $ 15.3 billion. Nonetheless, there was a political shift from the Democratic party. Examples include the rise of the Tea Party and the loss of Democratic majorities in subsequent elections. President Obama declared

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8060-453: The crisis were characterized by an exorbitant rise in asset prices and associated boom in economic demand. Further, the U.S. shadow banking system (i.e., non-depository financial institutions such as investment banks) had grown to rival the depository system yet was not subject to the same regulatory oversight, making it vulnerable to a bank run . US mortgage-backed securities , which had risks that were hard to assess, were marketed around

8190-668: The crisis) and vulnerabilities (i.e., structural weaknesses in the financial system, regulation and supervision) that amplified the shocks. Examples of triggers included: losses on subprime mortgage securities that began in 2007 and a run on the shadow banking system that began in mid-2007, which adversely affected the functioning of money markets. Examples of vulnerabilities in the private sector included: financial institution dependence on unstable sources of short-term funding such as repurchase agreements or Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as

8320-442: The current value of the property). Several sources have noted the failure of the US government to supervise or even require transparency of the financial instruments known as derivatives . Derivatives such as credit default swaps (CDSs) were unregulated or barely regulated. Michael Lewis noted CDSs enabled speculators to stack bets on the same mortgage securities. This is analogous to allowing many persons to buy insurance on

8450-543: The danger of popular unrest at the time of the Napoleonic Wars . In 1799, the Combination Act was passed, which banned trade unions and collective bargaining by British workers. Although the unions were subject to often severe repression until 1824, they were already widespread in cities such as London . Workplace militancy had also manifested itself as Luddism and had been prominent in struggles such as

8580-518: The doctrines of orthodox Marxism , such as the preference of atheism and from rhetoric suggesting that employees' interests always are in conflict with those of employers. Some of these Christian unions have had some ties to centrist or conservative political movements, and some do not regard strikes as acceptable political means for achieving employees' goals. In Poland , the biggest trade union Solidarity emerged as an anti-communist movement with religious nationalist overtones and today it supports

8710-523: The downturn. In advanced economies, during the five years preceding 2007, the ratio of household debt to income rose by an average of 39 percentage points, to 138 percent. In Denmark, Iceland, Ireland, the Netherlands, and Norway, debt peaked at more than 200 percent of household income. A surge in household debt to historic highs also occurred in emerging economies such as Estonia, Hungary, Latvia, and Lithuania. The concurrent boom in both house prices and

8840-619: The economic crisis took most people by surprise. A 2009 paper identifies twelve economists and commentators who, between 2000 and 2006, predicted a recession based on the collapse of the then-booming housing market in the United States: Dean Baker , Wynne Godley , Fred Harrison , Michael Hudson , Eric Janszen , Med Jones Steve Keen , Jakob Brøchner Madsen , Jens Kjaer Sørensen, Kurt Richebächer , Nouriel Roubini , Peter Schiff , and Robert Shiller . By 2007, real estate bubbles were still under way in many parts of

8970-405: The economic headwinds that slowed the recovery: On the political front, widespread anger at banking bailouts and stimulus measures (begun by President George W. Bush and continued or expanded by President Obama ) with few consequences for banking leadership, were a factor in driving the country politically rightward starting in 2010. The Troubled Asset Relief Program (TARP) was the largest of

9100-421: The effect is quite beyond attainment by such means. The multitudes who compose the working class are too numerous and too widely scattered to combine at all, much more to combine effectually. If they could do so, they might doubtless succeed in diminishing the hours of labour, and obtaining the same wages for less work. They would also have a limited power of obtaining, by combination, an increase of general wages at

9230-484: The electoral arms of trade unions. Unions are also delineated by the service model and the organizing model . The service model union focuses more on maintaining worker rights, providing services, and resolving disputes. Alternately, the organizing model typically involves full-time union organizers , who work by building up confidence, strong networks, and leaders within the workforce; and confrontational campaigns involving large numbers of union members. Many unions are

9360-437: The employer on behalf of its members, known as the rank and file, and negotiates labour contracts (collective bargaining agreements) with employers. Unions may organize a particular section of skilled or unskilled workers ( craft unionism ), a cross-section of workers from various trades ( general unionism ), or an attempt to organize all workers within a particular industry ( industrial unionism ). The agreements negotiated by

9490-425: The existence and the demands of the trade unions were becoming accepted by liberal middle-class opinion. In Principles of Political Economy (1871) John Stuart Mill wrote: If it were possible for the working classes, by combining among themselves, to raise or keep up the general rate of wages, it needs hardly be said that this would be a thing not to be punished, but to be welcomed and rejoiced at. Unfortunately

9620-462: The expense of profits. Beyond this claim, Mill also argued that, because individual workers had no basis for assessing the wages for a particular task, labour unions would lead to greater efficiency of the market system. British trade unions were finally legalized in 1872, after a Royal Commission on Trade Unions in 1867 agreed that the establishment of the organizations was to the advantage of both employers and employees. This period also saw

9750-471: The fall of Lehman Brothers on September 15, 2008, a major panic broke out on the inter-bank loan market. There was the equivalent of a bank run on the shadow banking system , resulting in many large and well established investment banks and commercial banks in the United States and Europe suffering huge losses and even facing bankruptcy, resulting in massive public financial assistance (government bailouts). The global recession that followed resulted in

9880-657: The first such union was the General Union of Trades, also known as the Philanthropic Society, founded in 1818 in Manchester . The latter name was to hide the organization's real purpose in a time when trade unions were still illegal. The first attempts at forming a national general union in the United Kingdom were made in the 1820s and 30s. The National Association for the Protection of Labour

10010-664: The five counties of Lancashire , Cheshire , Derbyshire , Nottinghamshire and Leicestershire within a year. To establish awareness and legitimacy, the union started the weekly Voice of the People publication, having the declared intention "to unite the productive classes of the community in one common bond of union." In 1834, the Welsh socialist Robert Owen established the Grand National Consolidated Trades Union . The organization attracted

10140-454: The following recovery weaker. Robert Reich claims the amount of debt in the US economy can be traced to economic inequality , assuming that middle-class wages remained stagnant while wealth concentrated at the top, and households "pull equity from their homes and overload on debt to maintain living standards". The IMF reported in April 2012: "Household debt soared in the years leading up to

10270-461: The formation of burial societies among Roman Army soldiers and Roman Navy mariners to the reign of Septimius Severus (193–211) in 198 AD. In September 2011, archaeological investigations done at the site of the artificial harbor Portus in Rome revealed inscriptions in a shipyard constructed during the reign of Trajan (98–117) indicating the existence of a shipbuilders guild. Rome's La Ostia port

10400-423: The functions of a trade union. In these cases, they may be negotiating for white-collar or professional workers, such as physicians, engineers or teachers. In Sweden the white-collar unions have a strong position in collective bargaining where they cooperate with blue-colar unions in setting the "mark" (the industry norm) in negotiations with the employers' association in manufacturing industry. A union may acquire

10530-455: The growth of trade unions in other industrializing countries, especially the United States, Germany and France. In the United States, the first effective nationwide labour organization was the Knights of Labor , in 1869, which began to grow after 1880. Legalization occurred slowly as a result of a series of court decisions. The Federation of Organized Trades and Labor Unions began in 1881 as

10660-473: The inflow of investment dollars required to fund the U.S. trade deficit was a major cause of the housing bubble and financial crisis: "The trade deficit, less than 1% of GDP in the early 1990s, hit 6% in 2006. That deficit was financed by inflows of foreign savings, in particular from East Asia and the Middle East. Much of that money went into dodgy mortgages to buy overvalued houses, and the financial crisis

10790-541: The kind of financial vulnerability that made the Great Depression possible – and they should have responded by extending regulations and the financial safety net to cover these new institutions. Influential figures should have proclaimed a simple rule: anything that does what a bank does, anything that has to be rescued in crises the way banks are, should be regulated like a bank." He referred to this lack of controls as "malign neglect". During 2008, three of

10920-568: The largest U.S. investment banks either went bankrupt ( Lehman Brothers ) or were sold at fire sale prices to other banks ( Bear Stearns and Merrill Lynch ). The investment banks were not subject to the more stringent regulations applied to depository banks. These failures exacerbated the instability in the global financial system. The remaining two investment banks, Morgan Stanley and Goldman Sachs , potentially facing failure, opted to become commercial banks, thereby subjecting themselves to more stringent regulation but receiving access to credit via

11050-590: The main headline is that all sorts of poor countries became kind of rich, making things like TVs and selling us oil. China, India, Abu Dhabi, Saudi Arabia made a lot of money and banked it." Describing the crisis in Europe, Paul Krugman wrote in February 2012 that: "What we're basically looking at, then, is a balance of payments problem, in which capital flooded south after the creation of the euro, leading to overvaluation in southern Europe." Another narrative about

11180-466: The majority and minority opinions of the FCIC, Commissioner Peter J. Wallison of the American Enterprise Institute (AEI) primarily blamed U.S. housing policy, including the actions of Fannie and Freddie , for the crisis. He wrote: "When the bubble began to deflate in mid-2007, the low quality and high risk loans engendered by government policies failed in unprecedented numbers." In its "Declaration of

11310-463: The measures already taken, the law of 25 June 2008 on genetically modified organisms aimed to implement several provisions of the Grenelle, although some environmental organizations challenged some of its provisions. The funding and the detailed rules for the implementation of the provisions of the first Grenelle act were specified in the Finance Act (law which determines, for a year, the nature,

11440-600: The middle of the 14th century, when the Ordinance of Labourers was enacted in the Kingdom of England , but their way of thinking was the one that endured down the centuries, inspiring evolutions and advances in thinking which eventually gave workers more power. As collective bargaining and early worker unions grew with the onset of the Industrial Revolution, the government began to clamp down on what it saw as

11570-409: The most polluting vehicles and instead introducing a bonus for the least polluting cars. This measure was introduced by decree for the bonus (decree of 26 December 2007) and an amendment to the 2007 Rectificative Finance Act (which allows to change during the year the initial Finance Act) for the penalty (malus). Already implemented, the system has actually shifted consumption to cleaner vehicles. Among

11700-450: The narrow boundaries for individual negotiations. As a condition to obtain the legal status of a trade union, employee associations need to prove that their leverage is strong enough to serve as a counterforce in negotiations with employers. If such an employee's association is competing against another union, its leverage may be questioned by unions and then evaluated in labour court. In Germany, only very few professional associations obtained

11830-511: The need to be in a union. The prevalence of labour unions can be measured by "union density", which is expressed as a percentage of the total number of workers in a given location who are trade union members. The table below shows the percentage across OECD members. Source: OECD Unions may organize a particular section of skilled workers ( craft unionism , traditionally found in Australia , Canada, Denmark, Norway, Sweden, Switzerland,

11960-662: The need to take the U.S. economy out of the early 2000s recession caused by the bursting of the dot-com bubble : although by doing so he did not avert the crisis, but only postponed it. Another narrative focuses on high levels of private debt in the US economy. USA household debt as a percentage of annual disposable personal income was 127% at the end of 2007, versus 77% in 1990. Faced with increasing mortgage payments as their adjustable rate mortgage payments increased, households began to default in record numbers, rendering mortgage-backed securities worthless. High private debt levels also impact growth by making recessions deeper and

12090-544: The obligation and defaulted; U.S. taxpayers paid over $ 100 billion to global financial institutions to honor AIG obligations, generating considerable outrage. A 2008 investigative article in The Washington Post found leading government officials at the time (Federal Reserve Board Chairman Alan Greenspan , Treasury Secretary Robert Rubin , and SEC Chairman Arthur Levitt ) vehemently opposed any regulation of derivatives. In 1998, Brooksley E. Born , head of

12220-439: The origin has been focused on the respective parts played by public monetary policy (notably in the US) and by the practices of private financial institutions. In the U.S., mortgage funding was unusually decentralised, opaque, and competitive, and it is believed that competition between lenders for revenue and market share contributed to declining underwriting standards and risky lending. While Alan Greenspan's role as Chairman of

12350-559: The party after Ed secured the trade union votes. Additionally, in the past, there was a group known as the Conservative Trade Unionists , or CTU, formed of people who sympathized with right wing Tory policy but were Trade Unionists. Historically, the Republic of Korea has regulated collective bargaining by requiring employers to participate, but collective bargaining has only been legal if held in sessions before

12480-530: The planet. Though no one knew they were in it at the time, the Great Recession had a significant economic and political impact on the United States. While the recession technically lasted from December 2007 – June 2009 (the nominal GDP trough), many important economic variables did not regain pre-recession (November or Q4 2007) levels until 2011–2016. For example, real GDP fell $ 650 billion (4.3%) and did not recover its $ 15 trillion pre-recession level until Q3 2011. Household net worth, which reflects

12610-522: The popular claim (narrative #4) that subprime borrowers with shoddy credit caused the crisis by buying homes they couldn't afford. This narrative is supported by new research showing that the biggest growth of mortgage debt during the U.S. housing boom came from those with good credit scores in the middle and top of the credit score distribution—and that these borrowers accounted for a disproportionate share of defaults. The Economist wrote in July 2012 that

12740-526: The power to set future requirements. These rose to 42 percent in 1995 and 50 percent in 2000, and by 2008 a 56 percent minimum was established. However, the Financial Crisis Inquiry Commission (FCIC) Democratic majority report concluded that Fannie & Freddie "were not a primary cause" of the crisis and that CRA was not a factor in the crisis. Further, since housing bubbles appeared in multiple countries in Europe as well,

12870-408: The practice of serfdom in 1574, but the vast majority of people remained as tenant-farmers on estates owned by the landed aristocracy . This transition was not merely one of relocation from rural to urban environs; rather, the nature of industrial work created a new class of "worker". A farmer worked the land, raised animals and grew crops, and either owned the land or paid rent, but ultimately sold

13000-607: The proposals for action for implementing the conclusions of the Grenelle. They were to deliver their first plans in March 2008, for inclusion in the environment bill debated by in spring 2008. However, the debate on the bill for the implementation of the Grenelle Environment was postponed several times, finally was begun in October, and was adopted by the National Assembly on 21 October 2008 and then sent to

13130-410: The protections we had constructed to prevent financial meltdowns. We had a 21st-century financial system with 19th-century safeguards. The Gramm–Leach–Bliley Act (1999), which reduced the regulation of banks by allowing commercial and investment banks to merge, has also been blamed for the crisis, by Nobel Prize –winning economist Joseph Stiglitz among others. Peter Wallison and Edward Pinto of

13260-402: The recession have been described as a symptom of another, deeper crisis by a number of economists. For example, Ravi Batra argues that growing inequality of financial capitalism produces speculative bubbles that burst and result in depression and major political changes . Feminist economists Ailsa McKay and Margunn Bjørnholt argue that the financial crisis and the response to it revealed

13390-488: The recovery was that both individuals and businesses paid down debts for several years, as opposed to borrowing and spending or investing as had historically been the case. This shift to a private sector surplus drove a sizable government deficit. However, the federal government held spending at about $ 3.5 trillion from fiscal years 2009–2014 (thereby decreasing it as a percent of GDP), a form of austerity . Then-Fed Chair Ben Bernanke explained during November 2012 several of

13520-498: The reduction of wages below the level that is traditionally maintained in the various branches of industry. That is to say, they wish to prevent the price of labour-power from falling below its value" ( Capital V1, 1867, p. 1069). Early socialists also saw trade unions as a way to democratize the workplace, in order to obtain political power. A modern definition by the Australian Bureau of Statistics states that

13650-446: The rehabilitation of 800,000 housing units to halve their energy consumption by 2020. Other provisions are related to energy (promotion of renewable energy ), products incorporating nanomaterials , agriculture (increase in the share of organic agriculture to 20% by 2020, halving the amount of pesticides ). The only measure actually implemented in 2008 was the bonus-malus system on new vehicles, establishing penalties for purchasers of

13780-678: The reign of Hadrian (117–138) of the Roman Empire. A collegium was any association in ancient Rome that acted as a legal entity . Following the passage of the Lex Julia during the reign of Julius Caesar (49–44 BC), and their reaffirmation during the reign of Caesar Augustus (27 BC–14 AD), collegia required the approval of the Roman Senate or the Roman emperor in order to be authorized as legal bodies. Ruins at Lambaesis date

13910-522: The relation between individual employees and employers is considered to be asymmetrical. In consequence, many working conditions are not negotiable due to a strong legal protection of individuals. However, the German flavor or works legislation has as its main objective to create a balance of power between employees organized in unions and employers organized in employers' associations. This allows much wider legal boundaries for collective bargaining, compared to

14040-461: The repo margin ("haircut"), forcing massive deleveraging, and resulting in the banking system being insolvent. The Financial Crisis Inquiry Commission reported in January 2011: In the early part of the 20th century, we erected a series of protections – the Federal Reserve as a lender of last resort , federal deposit insurance, ample regulations – to provide a bulwark against the panics that had regularly plagued America's banking system in

14170-617: The right to negotiate salaries and working conditions for their members, notably the medical doctor's association Marburger Bund  [ de ] and the pilots association Vereinigung Cockpit  [ de ] . The engineer's association Verein Deutscher Ingenieure does not strive to act as a union, as it also represents the interests of engineering businesses. Beyond the classification listed above, unions' relations with political parties vary. In many countries unions are tightly bonded, or even share leadership, with

14300-507: The right-wing Law and Justice party. Although their political structure and autonomy varies widely, union leaderships are usually formed through democratic elections . Some research, such as that conducted by the Australian Centre for Industrial Relations Research and Training, argues that unionized workers enjoy better conditions and wages than those who are not unionized. The oldest global trade union organizations include

14430-584: The role that unions play: The United States takes a more laissez-faire approach, setting some minimum standards but leaving most workers' wages and benefits to collective bargaining and market forces. Thus, it comes closest to the above Anglo-Saxon model. Also, the Eastern European countries that have recently entered into the EU come closest to the Anglo-Saxon model. In contrast, in Germany,

14560-499: The same house. Speculators that bought CDS protection were betting significant mortgage security defaults would occur, while the sellers (such as AIG ) bet they would not. An unlimited amount could be wagered on the same housing-related securities, provided buyers and sellers of the CDS could be found. When massive defaults occurred on underlying mortgage securities, companies like AIG that were selling CDS were unable to perform their side of

14690-1182: The status of a " juristic person " (an artificial legal entity), with a mandate to negotiate with employers for the workers it represents. In such cases, unions have certain legal rights, most importantly the right to engage in collective bargaining with the employer (or employers) over wages, working hours, and other terms and conditions of employment . The inability of the parties to reach an agreement may lead to industrial action , culminating in either strike action or management lockout , or binding arbitration. In extreme cases, violent or illegal activities may develop around these events. In some regions, unions may face active repression, either by governments or by extralegal organizations, with many cases of violence , some having lead to deaths, having been recorded historically. Unions may also engage in broader political or social struggle. Social Unionism encompasses many unions that use their organizational strength to advocate for social policies and legislation favourable to their members or to workers in general. As well, unions in some countries are closely aligned with political parties . Many Labour parties were founded as

14820-518: The stimulus measures such as quantitative easing (pumping money into the system) and holding down central bank wholesale lending interest rate should be withdrawn as soon as economies recover enough to "chart a path to sustainable growth ". The distribution of household incomes in the United States became more unequal during the post-2008 economic recovery . Income inequality in the United States grew from 2005 to 2012 in more than two thirds of metropolitan areas. Median household wealth fell 35% in

14950-663: The stock market meant that household debt relative to assets held broadly stable, which masked households' growing exposure to a sharp fall in asset prices. When house prices declined, ushering in the global financial crisis, many households saw their wealth shrink relative to their debt, and, with less income and more unemployment, found it harder to meet mortgage payments. By the end of 2011, real house prices had fallen from their peak by about 41% in Ireland, 29% in Iceland, 23% in Spain and

15080-490: The system. Policy-makers, regulators and supervisors, in some advanced countries, did not adequately appreciate and address the risks building up in financial markets, keep pace with financial innovation, or take into account the systemic ramifications of domestic regulatory actions. Federal Reserve Chair Ben Bernanke testified in September 2010 before the FCIC regarding the causes of the crisis. He wrote that there were shocks or triggers (i.e., particular events that touched off

15210-498: The top investment banks during an April 2004 meeting with bank leaders. These banks increased their risk-taking shortly thereafter, significantly increasing their purchases and securitization of lower-quality mortgages, thus encouraging additional subprime and Alt-A lending by mortgage companies. This action by its investment bank competitors also resulted in Fannie Mae and Freddie Mac taking on more risk. The financial crisis and

15340-444: The trade unions when trying to organize the informal economy. This has been a significant threshold to labour organizing in low-income countries , where the labour force mostly works in the informal economy. In the United Kingdom, the perceived left-leaning nature of trade unions (and their historical close alignment with the Labour Party ) has resulted in the formation of a reactionary right-wing trade union called Solidarity which

15470-476: The unification of the city-states in Assyria and Sumer by Sargon of Akkad into a single empire c.  2334 BC , a common Mesopotamian standard for length, area, volume, weight, and time used by artisan guilds in each city was promulgated by Naram-Sin of Akkad ( c.  2254 –2218 BC), Sargon's grandson, including for shekels . Codex Hammurabi Law 234 ( c.  1755–1750 BC ) stipulated

15600-465: The value of both stock markets and housing prices, fell $ 11.5 trillion (17.3%) and did not regain its pre-recession level of $ 66.4 trillion until Q3 2012. The number of persons with jobs (total non-farm payrolls) fell 8.6 million (6.2%) and did not regain the pre-recession level of 138.3 million until May 2014. The unemployment rate peaked at 10.0% in October 2009 and did not return to its pre-recession level of 4.7% until May 2016. A key dynamic slowing

15730-453: The word "recession" exist: one sense referring definitively to "a period of reduced economic activity" and ongoing hardship; and the more allegoric interpretation used in economics , which is defined operationally , referring specifically to the contraction phase of a business cycle , with two or more consecutive quarters of GDP contraction (negative GDP growth rate) and typically used to influence abrupt changes in monetary policy. Under

15860-562: The world, especially in the United States , France, the United Kingdom , Spain , the Netherlands, Australia, the United Arab Emirates, New Zealand , Ireland , Poland , South Africa , Greece , Bulgaria , Croatia , Norway , Singapore , South Korea , Sweden , Finland , Argentina , the Baltic states , India , Romania , Ukraine and China . U.S. Federal Reserve Chairman Alan Greenspan said in mid-2005 that "at

15990-454: The world, as they offered higher yields than U.S. government bonds. Many of these securities were backed by subprime mortgages, which collapsed in value when the U.S. housing bubble burst during 2006 and homeowners began to default on their mortgage payments in large numbers starting in 2007. The emergence of subprime loan losses in 2007 began the crisis and exposed other risky loans and over-inflated asset prices. With loan losses mounting and

16120-469: Was established in 1830 by John Doherty , after an apparently unsuccessful attempt to create a similar national presence with the National Union of Cotton-spinners. The Association quickly enrolled approximately 150 unions, consisting mostly of textile related unions , but also including mechanics, blacksmiths, and various others. Membership rose to between 10,000 and 20,000 individuals spread across

16250-624: Was founded in 1887 and merged with the Fédération nationale des syndicats (National Federation of Trade Unions) in 1895 to form the General Confederation of Labour . In a number of countries during the 20th century, including in Canada, the United States and the United Kingdom, legislation was passed to provide for the voluntary or statutory recognition of a union by an employer. Union density has been steadily declining from

16380-471: Was home to a guildhall for a corpus naviculariorum , a collegium of merchant mariners. Collegium also included fraternities of Roman priests overseeing ritual sacrifices , practising augury , keeping scriptures, arranging festivals, and maintaining specific religious cults. While a commonly held mistaken view holds modern trade unionism to be a product of Marxism , the earliest modern trade unions predate Marx's Communist Manifesto (1848) by almost

16510-542: Was not felt equally around the world; whereas most of the world's developed economies , particularly in North America, South America and Europe, fell into a severe, sustained recession, many more recently developing economies suffered far less impact, particularly China , India and Indonesia , whose economies grew substantially during this period. Similarly, Oceania suffered minimal impact , in part due to its proximity to Asian markets. Two interpretations of

16640-456: Was paid out to major global financial institutions on behalf of AIG. While this money was legally owed to the banks by AIG (under agreements made via credit default swaps purchased from AIG by the institutions), a number of Congressmen and media members expressed outrage that taxpayer money was used to bail out banks. Economist Gary Gorton wrote in May 2009 Unlike the historical banking panics of

16770-402: Was the result." In May 2008, NPR explained in their Peabody Award winning program " The Giant Pool of Money " that a vast inflow of savings from developing nations flowed into the mortgage market, driving the U.S. housing bubble. This pool of fixed income savings increased from around $ 35 trillion in 2000 to about $ 70 trillion by 2008. NPR explained this money came from various sources, "[b]ut

16900-494: Was to come from a tax on heavy vehicles to be levied from 2011, but its level and its base were not determined. Investments in renewable energy should also generate additional revenue (for example, 75% of expenditures to rehabilitate public buildings would be financed by the savings on reduced consumption). Savings in other sectors were also to play a part. Trade union A trade union ( British English ) or labor union ( American English ), often simply referred to as

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