Part one of term paper
Since the foundation of the American Federation of Labor(AFL) in 1886, most unions in the United States have displayed a pragmatic out look, largely compatible with that of business. The general purpose of unions has been to protect and advance the well being of workers, while that of business has been to promote the interests of stockholders ...

Part two of term paper
... With unions on the scene, that power must be shared. The standard economic analysis of what gave a particular union the power to raise the pay and benefits of its members was propounded by the eminent English economist Alfred Marshall toward the end of the 19th century. Marshall theorized that the strength of a union depended upon four factors. First, demand for the product should be inelastic, so that there is little, if any, decline in sales in response to price increases. Second, labor cost ...