A Swedish Answer To Labor’s $8 Trillion Question
It may come as a surprise that a substantial portion of America’s economy is worker- and union-owned — technically. Private sector and public sector union members’ pension funds collectively manage roughly $8 trillion in worker savings. That’s nearly 15% of Wall Street. But those funds — comprising the monthly contributions of millions of workers and enabled (in part) by union organizing and collective bargaining — are often invested in (and by) firms that harm workers.
The labor movement has long tried to harness the economic power tied up in its vast stores of capital: labor’s “last best weapon.”