LABRST 1A03 Lecture Notes - Lecture 3: January 30, Invisible Hand, Trade Union

• School: McMaster University
• Department: Labour Studies
• Course: LABRST 1A03
• Professor: David Goutor

Document Summary

If machinery comes in, workers lose their jobs lay offs. Believe in a certain amount of liberty (freedom) for the individual. Pursue own interests, institutions, businesses that best suit themselves. Competitive market system, and make employers work harder. The invisible hand: the unobservable market force that helps the demand and supply of goods in a free market to reach equilibrium automatically; the phrase invisible hand was introduced by adam smith. To make a society more prosperous is to harness human labour. Labour theory of value explained everything in the economy (everything through human labour) Alienation-profound; ability to organize ourselves to make things. Organized by skilled workers from the shops. Maintain their skill and old ways of doing things; traditions and control. Exclusive; represent a small part of the overall working class. Only ones that had the leverage in the workplace. Craft unions challenge authority of bosses in the workplace. Took pride in its work; provided for the communities.