The Reason for Minimum Wage Laws

From the Internet:

There’s a reason for things like minimum wage, job safety, workman’s comp, health insurance from your employer. Because the last time there were no government regulations employers had 14 year olds working in coal mines. The young girls whom died in the garment fire because they were locked in. Right now supply demand would have employers paying pennies instead of dollars.

Same thing in the 3rd World today, no? Neoliberals are insane. Everything is government’s fault. The free market is what’s best for everyone, firms, workers, consumers, the poor, the rich, society at large, the environment, you name it. Truth is that this is the view that has seized the leaders of many of the world’s nations today, including Obama.

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0 thoughts on “The Reason for Minimum Wage Laws”

  1. How much worse off would people in those countries be if their children couldn’t work? You can’t apply U.S. ideals to countries that aren’t as far along the economic life cycle as the U.S.
    For all your railing against capitalism and in favor of socialism/Communism, the best controlled experiment we’ve had for that is East versus West Germany. Remember, it was the East German government who had to build a wall to keep their people from spilling out of the country. The only difference was the communist totalitarian regime and the lack of economic and personal freedom that entails.

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