Not necessarily. It's only easy to walk out because the majority of companies don't have their employees collectively share profits and losses. If they did, workers would walk out only to share the responsibility someplace else. I think the question becomes much more interesting when you think about it on a larger scale. What if most companies operated like this? Of course, it's all very hypothetical since it's a very socialist philosophy and would require a very, very major shift. It's not going to happen (and I'm not sure I'd be in favor of it either) but it's fun to speculate.

It's also worth mentioning that we already see this sort of thing on a much narrower scale with auto and airline unions. They are often willing to accept wage cuts because their options elsewhere tend to be pretty slim.

There are other contributing factors as well. I imagine that in an exceptionally bleak economy workers would be more willing to accept a pay cut if it meant job security.