Last month, a planned strike by workers at Samsung Electronics – South Korea’s largest conglomerate and the fifth most valuable brand in the world – sent shockw

Last month, a planned strike by workers at Samsung Electronics – South Korea’s largest conglomerate and the fifth most valuable brand in the world – sent shockwaves through the South Korean ruling class. Fearing the economic consequences, the government, the Bank of Korea, and even the American Chamber of Commerce intervened. In the end, 90 minutes before the strike was due to start, Samsung struck a deal conceding 10.5 percent of its annual operating profits to be distributed as bonuses of up to $400,000 per worker.

From In Defence of Marxism via This RSS Feed.