Oberon, you are right, Dickens described a 19th century version of my prescribed scenario, but remember, it was a 19th century version. If we were to scrap laws enshrined since, lets say 1965, you would not have such a huge problem. After all, the class system that reduced the value of a worker's life relative to that of the capitalist does not exist in this country.
I would submit to you that the catastrophic injustices envisioned by you will not come to pass should such a reform be carried out. Entrepreneurs today are far more responsible than the left gives them credit for.
It's important also to consider that those injustices could not have been maintained without (1) a steady flow of immigrants, and (2) a government willing to let companies violate existing laws by doing things like bodily assault people attempting to unionize.
The proper balance of power between unions and management is when unions have the right to organize, but management has the right to fire the lot if the costs of training new workers (including the oportunity cost of the time the factory is unproductive) would exceed the cost of going along with union demands.
In such an environment, unions could command a small price premium from management if they could also provide added value, but unions would not have the ability to make the extortionate demands they can make today.