What do you think?
Rate this book
The Rise of the Working-Class Shareholder: Labor’s Last Best Weapon
When Steven Burd, CEO of the supermarket chain Safeway, cut wages and benefits, starting a five-month strike by 59,000 unionized workers, he was confident he would win. But where traditional labor action failed, a novel approach was more successful. With the aid of the California Public Employees' Retirement System, a $300 billion pension fund, workers led a shareholder revolt that unseated three of Burd's boardroom allies.
In The Rise of the Working-Class Shareholder: Labor's Last Best Weapon, David Webber uses cases such as Safeway's to shine a light on labor's most potent remaining weapon: its multitrillion-dollar pension funds. Outmaneuvered at the bargaining table and under constant assault in Washington, state houses, and the courts, worker organizations are beginning to exercise muscle through markets. Shareholder activism has been used to divest from anti-labor companies, gun makers, and tobacco; diversify corporate boards; support Occupy Wall Street; force global warming onto the corporate agenda; create jobs; and challenge outlandish CEO pay. Webber argues that workers have found in labor's capital a potent strategy against their exploiters. He explains the tactic's surmountable difficulties even as he cautions that corporate interests are already working to deny labor's access to this powerful and underused tool.
The Rise of the Working-Class Shareholder is a rare good-news story for American workers, an opportunity hiding in plain sight. Combining legal rigor with inspiring narratives of labor victory, Webber shows how workers can wield their own capital to reclaim their strength.
In The Rise of the Working-Class Shareholder: Labor's Last Best Weapon, David Webber uses cases such as Safeway's to shine a light on labor's most potent remaining weapon: its multitrillion-dollar pension funds. Outmaneuvered at the bargaining table and under constant assault in Washington, state houses, and the courts, worker organizations are beginning to exercise muscle through markets. Shareholder activism has been used to divest from anti-labor companies, gun makers, and tobacco; diversify corporate boards; support Occupy Wall Street; force global warming onto the corporate agenda; create jobs; and challenge outlandish CEO pay. Webber argues that workers have found in labor's capital a potent strategy against their exploiters. He explains the tactic's surmountable difficulties even as he cautions that corporate interests are already working to deny labor's access to this powerful and underused tool.
The Rise of the Working-Class Shareholder is a rare good-news story for American workers, an opportunity hiding in plain sight. Combining legal rigor with inspiring narratives of labor victory, Webber shows how workers can wield their own capital to reclaim their strength.
352 pages, Hardcover
Published April 2, 2018
7 people are currently reading
151 people want to read
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 5 of 5 reviews
January 9, 2020
I read this from an Australian perspective, and work as a lawyer in the pensions and superannuation industry. This meant that I was already familiar with most of the issues and themes.
It was fascinating to learn more about the historical parallels and similarities between many of the large public sector funds in the US and Australia. These stories and people give life to a book which could otherwise be a little dry (even for a superannuation lawyer).
The book makes some really robust and good arguments for retaining collective structures to promote efficiencies in pension fund management, and scale as a shareholder.
It may have just missed it, but the recent Business Roundtable statement of the purpose of the company (which challenges shareholder primacy) may represent another challenge to the economic power of collective pension savings.
The author does also miss an opportunity to look at how defined contribution schemes can retain collective shareholder power to promote better and more sustainable investment performance.
This book is rather well written, however it’s not quite a page turner. It’s important reading for those with an interest in pension fund management or investment management, and even those looking for genuine opportunities to promote holistic and democratic change to corporate culture and governance.
It was fascinating to learn more about the historical parallels and similarities between many of the large public sector funds in the US and Australia. These stories and people give life to a book which could otherwise be a little dry (even for a superannuation lawyer).
The book makes some really robust and good arguments for retaining collective structures to promote efficiencies in pension fund management, and scale as a shareholder.
It may have just missed it, but the recent Business Roundtable statement of the purpose of the company (which challenges shareholder primacy) may represent another challenge to the economic power of collective pension savings.
The author does also miss an opportunity to look at how defined contribution schemes can retain collective shareholder power to promote better and more sustainable investment performance.
This book is rather well written, however it’s not quite a page turner. It’s important reading for those with an interest in pension fund management or investment management, and even those looking for genuine opportunities to promote holistic and democratic change to corporate culture and governance.
January 17, 2019
Overwritten but really strong argument. I was particularly enraged by the chapters on hedge funds and private equity, which charge high fees to pension funds for poor returns, and then spend the money they have taken from the working class to advocate against their interests and needs.
I hope some of the dem presidential candidates read this one. There are some solid policy proposals that will help the working class and, perhaps, rein in some of the worst corporate abuses. I’ll lend out my copy to anyone who wants it.
I hope some of the dem presidential candidates read this one. There are some solid policy proposals that will help the working class and, perhaps, rein in some of the worst corporate abuses. I’ll lend out my copy to anyone who wants it.
January 18, 2020
While I don't agree with all of Professor Webber's priors, this was a thought-provoking and enjoyable read. Webber writes with great accessibility for readers of any background. Even though I studied corporate governance in law school, I learned quite a lot about shareholder engagement by pension funds.
August 21, 2025
Needed a bit more editing IMO, but still a book with some very important ideas about how to use pension fund investments to push companies to make labor-friendly decisions.
September 9, 2023
i fucking love unions
Displaying 1 - 5 of 5 reviews