The US car industry for much of the 20th being a classic example.
The UAW extorted massive wages and feaher-bedding from the companies. But they didn't care. Why should they?
They only faced competititon from two other companies, each of which were forced to deal ith the same unions. And they could of course compensate by selling low-quality autos at high prices to the captive audience of the American people.
A union, or a high minimum wage, or any other constraint on a business, is not in and of itself a problem for that business. As long as it has an assured market and competitors face the same constraints.
It's only when a competitor doesn't face those constraints, or when an outside group moves in on the market, that a company is in real trouble.
The issue is one of equality.
Democracy brings legal and hopefully social equality.
Socialism attempts to take that a step farther and ensure economic equality. That is, of course, a step too far, and can never be achieved.
Attempts to do so only result in the loss of freedom and of social and legal equality, without doing much to bring economic equality any closer.
I don’t think we’re on a “Road to Serfdom.”
I think we are being driven down a chute...
bkmk