Indian Labour and the Trade Union Movement
An organization needs both capital and labour to create wealth. Earlier, capital was considered to be the most important factor for a business to succeed. Today, the need includes labour as well. The conventional shareholder-primacy model left out the role of employees in the creation of wealth. The Western reform advocates promoted the concept of shareholder capitalism where the sole emphasis was on strengthening the rights of, and the protection for, financial investors. Today, the growing recognition that human capital is a source of competitive advantage has led to the understanding that labour is, if not more important at least, as important as capital. This is what they call knowledge ...