Business: Getting Together

When the U.S. economy drifts into uncertain waters, labor and management often discover that they share the same boat, find they have much in common. Increasing efficiency to enhance an industry's long-run competitive prospects emerges as a vital mutual interest. Last week representatives of labor and management in three major U.S. industries agreed on some significant innovations.

IN THE SHIPPING INDUSTRY, the Pacific Maritime Association of employers agreed to pay $25 million into union coffers over the next five years to set up a fund to help compensate some 17,500 longshoremen for any...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!