Charles M. Schwab Quotes
What we must seek is a plan by which the men will receive high wages when the employers are receiving high prices for the product.
Schwab, Charles M. Succeeding With What You Have. The Century Co., 1917, p. 44.
Workers must be paid promptly.
The argument here is that since the poor working class wages are so low, that they cannot save for an emergency, therefore the society must provide for welfare for those who might otherwise starve.
While it was true that wages did not increase beyond inflation, the enormous increase in productivity—about a doubling—was not only due to the workers but was also due to the capital investment that the companies made in computers, robots, job restructuring, advanced training, and other management initiatives. Historically, when there are substantial productivity increases, the benefit is shared between the workers and the company as both were necessary to produce the increase in productivity. But since 1980, the workers have not obtained any significant share of the productivity increase.
Charles Michael Schwab was an American steel magnate. Under his leadership, Bethlehem Steel became the second-largest steel maker in the United States, and one of the most important heavy manufacturers in the world.
