The labour movement developed as a response to capitalism and the Industrial Revolution of the late 18th and early 19th centuries, at about the same time as socialism. The early goals of the movement were the right to unionise, the right to vote, democracy and the 40-hour week. As these were achieved in many of the advanced economies of western Europe and north America in the early decades of the 20th century, the labour movement expanded to issues of welfare and social insurance, wealth distribution and income distribution, public services like health care and education, social housing and common ownership. ( Full article...)
A credit union is a member-owned nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts ( savings accounts), share draft accounts ( cheque accounts), credit cards, credit, share term certificates ( certificates of deposit), and online banking. Normally, only a member of a credit union may deposit or borrow money. In several African countries, credit unions are commonly referred to as SACCOs (savings and credit co-operatives).
Worldwide, credit union systems vary significantly in their total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with hundreds of thousands of members and assets worth billions of US dollars. In 2018, the number of members in credit unions worldwide was 375 million, with over 100 million members having been added since 2016.
Leading up to the financial crisis of 2007–2008, in 2006, 23.6% of mortgages from commercial banks were subprime, compared to only 3.6% of those from credit unions, and banks were two and a half times more likely to fail during the crisis. American credit unions more than doubled lending to small businesses between 2008 and 2016, from $30 billion to $60 billion, while lending to small businesses overall during the same period declined by around $100 billion. In the US, public trust in credit unions stands at 60%, compared to 30% for big banks. Furthermore, small businesses are 80% more likely to be satisfied by a credit union than with a big bank. ( Full article...)Significant dates in labour history.
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What does labor want? We want more schoolhouses and less jails; more books and less arsenals; more learning and less vice; more leisure and less greed; more justice and less revenge; in fact, more of the opportunities to cultivate our better natures."
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— Samuel Gompers. |
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