Labor Union

AAA

DEFINITION of 'Labor Union'

An organization intended to represent the collective interests of workers in negotiations with employers over wages, hours and working conditions. Labor unions are often industry-specific and tend to be more common in manufacturing, mining, construction, transportation and the public sector.

INVESTOPEDIA EXPLAINS 'Labor Union'

Labor union representation in the United States has declined significantly in the private sector. It is commonly believed that union security clauses compel workers to join unions and pay full dues as a condition of employment, but it is actually illegal for a union to force an employee into full union membership.


Well-known American labor unions include the American Postal Worker's Union, the Screen Actor's Guild, the International Brotherhood of Teamsters, the National Education Association, the United Auto Workers and the United Steel Workers.



RELATED TERMS
  1. Capitalism

    A system of economics based on the private ownership of capital ...
  2. Karl Marx

    A philosopher and economist famous for his ideas about capitalism ...
  3. Unofficial Strike

    A work stoppage by union members that is not endorsed by the ...
  4. Collective Bargaining

    The process of negotiating the terms of employment between an ...
  5. International Labor Organization ...

    A United Nations agency that strives to serve as a uniting force ...
  6. Labor Productivity

    A measurement of economic growth of a country. Labor productivity ...
Related Articles
  1. The History Of Capitalism: From Feudalism ...
    Personal Finance

    The History Of Capitalism: From Feudalism ...

  2. State-Run Economies: From Public To ...
    Personal Finance

    State-Run Economies: From Public To ...

  3. Unions: Do They Help Or Hurt Workers?
    Economics

    Unions: Do They Help Or Hurt Workers?

  4. Analyzing Auto Stocks
    Options & Futures

    Analyzing Auto Stocks

comments powered by Disqus
Hot Definitions
  1. Halloween Massacre

    Canada's decision to tax all income trusts domiciled in Canada. In October 2006, Canada's minister of finance, Jim Flaherty, ...
  2. Zombies

    Companies that continue to operate even though they are insolvent or near bankruptcy. Zombies often become casualties to ...
  3. Witching Hour

    The last hour of stock trading between 3pm (when the bond market closes) and 4pm EST. Witching hour is typically controlled ...
  4. October Effect

    The theory that stocks tend to decline during the month of October. The October effect is considered mainly to be a psychological ...
  5. Repurchase Agreement - Repo

    A form of short-term borrowing for dealers in government securities.
  6. Correlation

    In the world of finance, a statistical measure of how two securities move in relation to each other. Correlations are used ...
Trading Center