Class XI, Principles of Economics, "Trade Union"

Trade Union

Modern industrialization has given rise to a great number of problems. As a result there has been a clash between the interests of labour and organization, the former claming high wages and latter high profits. Today labour has come to realize that they can improve their conditions of work only through collective bargaining with the employers. In the words of Sydney and Webb

“A trade union is a continuous association of wage earners for improving the conditions of their working lives”.