David Webber

David Webber is the author of The Rise of the Working-Class Shareholder: Labor’s Last Best Weapon, published by Harvard University Press and featured in his Rorotoko interview. He has also published scholarly articles including “The Use and Abuse of Labor’s Capital” in the New York University Law Review and “The Plight of the Individual Investor in Securities Class Actions” in the Northwestern University Law Review. Webber has presented his research at the Harvard Stanford Yale Junior Faculty Forum, the Conference on Empirical Legal Studies, and the American Law and Economics Association conference, among others. He has published op-eds in the New York Times, the Washington Post, the Chicago Tribune, the Los Angeles Times, and Reuters. He has been interviewed by television, radio, and print media, including Nightly Business Report, NPR’s Marketplace, Bloomberg Radio, The Majority Report with Sam Seder, The David Pakman Show, Knowledge@Wharton Business Radio, CSPAN’s BookTV, Agence France-Presse, Reuters, and others. Webber is the winner of Boston University School of Law’s 2017 Michael Melton Award for Teaching Excellence. He is a graduate of Columbia and NYU Law School, where he was an editor for the law review.

The Rise of the Working-Class Shareholder - A close-up

My book begins with a largely forgotten California strike that took place at Safeway supermarkets in 2003-04. At first glance, the basic arc of that story is a familiar confrontation between a company, Safeway, and a labor union, the United Food and Commercial Workers union (“UFCW”). Shortly after taking over as Safeway CEO, Steven Burd launched a disastrous acquisition campaign, buying up several supermarket chains. When those acquisitions turned sour and the company began bleeding cash, Burd tried to cut worker compensation to plug the gap he created. He took a hardline with workers and their lead negotiator, the UFCW’s Sean Harrigan. After a five-month strike, the company and the union reached an agreement that was highly favorable to the company. Safeway won, it seemed.But something surprising immediately followed the strike, a development that sits at the core of my book. Several fed-up worker pension funds, including the California Public Employees Retirement System—of which Harrigan was president—launched a shareholder campaign to unseat Burd and replace several of the board members that blindly backed his course of action. The partial success of that unusual shareholder revolt, led by worker funds, is the starting point for my book. I think it anticipates many of the developments with working-class shareholder activism in the ensuing fifteen years, up until today. It also lets a reader compare the costs and benefits of a strike with the costs and benefits of a shareholder campaign, with both having taken place in one setting, over one set of issues, albeit framed in different ways. I think someone who cares about worker issues and economic inequality but knows little about shareholder activism can see its potential in this one episode. The book then follows up the Safeway story with those of the activist generation following Harrigan, which I think refined and improved upon those tactics to further advance worker shareholder power.Everyone is trying to come up with ideas on how to reinvent labor in the twenty-first century. I hope my book will make the use of working-class shareholder power a core part of that discussion. I hope union leaders will invest in it. I hope progressives will rally to protect and defend the pensions that enable this power. I hope that policymakers will think carefully about how to nourish the deployment of capital by workers for workers. I hope that students might consider this work for a career. I also hope it will influence academics and others to think carefully and strategically about how to reshape markets from within.

Editor: Judi Pajo
June 4, 2018

David Webber The Rise of the Working-Class Shareholder: Labor’s Last Best Weapon Harvard University Press352 pages, 5 1/2 x 8 1/4 inches ISBN 978 0674972131

Support this awesome media project

We don't have paywalls. We don't sell your data. Please help to keep this running!