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A new social contract: America’s workers deserve their fair share of economic gains ...Middle East
Between 1948 and 1950, the United Auto Workers and General Motors negotiated an agreement that shaped what later became known as the post-World War II social contract. The Treaty of Detroit provided a wage increase tied to the rate of inflation and a 2 percent “annual improvement factor” to ensure workers shared in the economy’s productivity growth. That bargain subsequently became the new norm that companies across the economy were expected to follow. It ensured that as firms prospered and the economy grew, workers would get their fair share of the prosperity they helped to generate. Unfortunately, that postwar social contract frayed in the 1970s and completely broke down in the 1980s
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