The clock is ticking for autoworkers and the Big Three automakers Ford (F), GM (GM), and Stellantis (STLA) to reach a deal. If a deal cannot be agreed to by midnight Thursday, the UAW says it will strike. Wayne State University Professor of Business Marick Masters tells Yahoo Finance Live this is "very unchartered" territory, adding that the tactic the UAW is using, called the "stand up strike," is "risky." Masters says that given the strategy, the strike "could last for a long period of time," but that it's possible that the companies could lock workers out in a bid to end the strike sooner.

Video Transcript

BRAD SMITH: As Union negotiations continue with automakers, UAW President, Shawn Fain, expressing doubts of a labor agreement being reached before contracts expire. Here to discuss the road ahead for the auto industry, we've got Marick Masters, Wayne State University, Professor of Business. How uncharted of a territory are we in, Marick?

MARICK MASTERS: Very uncharted. It has been a long time since you've had a Union resort to different types of strikes. This is called a stand up strike, which is reminiscent of the sit-down strike of the 1930s. It's unconventional, and it's a risky strategy.

And one thing is certain. As there is a law in physics that for every action, there is a reaction, corporations, the companies, cannot be expected to just sit there and idly take the Union striking at their whim. They will respond in some sort of way to take the Union's advantage away in calling strikes at their leisure.

JULIE HYMAN: And Marick, you have extensive knowledge and expertise in the history of these kinds of strikes as you just alluded to some of the past situations. Even though this is an unusual situation, are there analogs, other types of analogs, that we can draw with the past that will help us understand what could end up happening?

MARICK MASTERS: Well, it's important to remember that it's commonly analogized to the strike in Flint. But actually, that was a company wide strike at GM that resulted in 120,000 of the 150,000 workers at GM striking. The sit-down strike was part of it at Flint.

And it resulted in the company conceding and eventually recognizing the Union. And that was a victory for the Union. It also involved the intervention of the governor of the state of Michigan, which was favorable to the outcome for the Union.

It's a difficult process. It is extraordinarily challenging for workers. And it's important to remember, I think the stakes were even much higher then, in the midst of the Great Depression, when workers didn't have the panoply of rights that they did now that were well established behind them. So it's a little bit of a different type of situation.

It's hard to say exactly how he's going to affect this and what the companies are going to do. But it's important to remember that the companies are not without their means of responding. And it's going to be a two-way street.

BRAD SMITH: And so for all of the production that could come to a screeching halt here, what amount of time would you say that we could be looking at if a deal is not reached?

MARICK MASTERS: Well, I think that if they phase in the strikes, as he's talking about using selected strikes that would involve a handful of plants at one time, and then perhaps another handful of plants at another time, it could last for a long period of time. I think the companies might lock out the employees and try and expedite this process.

Because eventually, what Shawn Fain is saying, I'm going to escalate the conflict to the point where I strike all three companies company-wide. If they're going to do that, why not lock them out all now and get to the endpoint sooner rather than later?

JULIE HYMAN: And Marick, I've been thinking about all of these strikes in the context of where we are sort of writ large in the labor market. We're looking at an unemployment rate of 3.8%. The labor market is still tight. Fain has obviously made the calculation that the automakers need these workers. And they need them now. Is that the correct calculation?

MARICK MASTERS: Well, I think that's part of the calculation. I think there's a broader issue involved here. This is really a struggle between labor and capital. And I think Fain alluded to that in his presentation last night. He considers this a form of class warfare. And that labor is challenging the rich that have benefited over the past several decades from an economy that is stacked against workers. And he wants to recoup the losses.

And this is a battle of justice and jobs for him. And he wants a fair and just transition to electrification. There's a lot at stake economically and politically, and he's willing to take the ultimate risk in order to affect his desires.

And from his perspective, these are members' desires. He was elected on the heels of a scandal. He has a special role to play. As a result of that, he's trying to be very responsive to the members. And he's trying to change the narrative.

In the past, discussions about negotiations have been relatively speaking and focused on concessions that Union can make to help companies be competitive. He's saying that's the wrong focus. We need to focus on what workers deserve, what's their rightful share.

And that is very similar to what Walter Reuther advocated in the '50s and '60s-- what's their rightful share in society and what are the equities, as Walter Reuther said, that workers are entitled to just as shareholders and customers are entitled to.