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Wage-price policies of industry are the result of a complex of forces -- no single explanation has been found which applies to all cases.

The purpose of this paper is to analyze one possible force which has not been treated in the literature, but which we believe makes a significant contribution to explaining the wage-price behavior of a few very important industries.

While there may be several such industries to which the model of this paper is applicable, the authors make particular claim of relevance to the explanation of the course of wages and prices in the steel industry of the United States since World War 2.

Indeed, the apparent stiffening of the industry's attitude in the recent steel strike has a direct explanation in terms of the model here presented.