Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
This week, the temporary reprieve from a dockworkers’ strike announced on October 3 showed signs of collapse. If the parties fail to reach an agreement by January 15, the strike will resume, igniting inflation and jeopardizing economic growth.
The International Longshoremen’s Association (“ILA”), which represents 45,000 dockworkers from Maine to Texas , and the United States Maritime Alliance (“USMA”), the organization of ports and ocean carriers, appear at a genuine impasse over automation efforts. The ILA has demanded that the contract prohibit the installation of automation technology that would replace labor over time.
Economists have commented that a strike of up to seven days would be innocuous. Any strike exceeding thirty days would cause notable damage to the economy.
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