Note 177-3 — Chapter III

Watts assumes that the strikers seek to attain, on an average, an advance in their wages of five per cent. Now, a week is about equivalent to two per cent. of the year. If, therefore, a strike lasted one month, the increase of wages it operates must last one and three-fifths years to compensate the workmen for their loss. A strike that lasts 12½ months would require 20 years to effect the same, and this does not include interest on lost wages. (Statist. Journal, 1861, 501 ff.) However, it is possible that the striking workingmen themselves should lose more than they gained, but that, for the whole working class, the gain should exceed the loss; since those who had not participated in the strike would participate in the increased wages. Thornton is of opinion that employers have won in most strikes, but surrendered in the intervals between strikes, so that now English workmen receive certainly £5,000,000 more in wages than they would be getting were it not for the trades-unions. (III, ch. 3-4.)