ultimatebob
Lifer
Originally posted by: Jellomancer
Originally posted by: thebestMAX
No, do away with it altogether.
And life will be great like it was in the early 1800s right? Let's get rid of the weekend and 8 hour work day too.
Yes, very true. A lot of people around here seem to know economics pretty good, but they seem to lack any knowledge of US history! Before all of the labor laws were created, we had 14 year old kids working in factories for 12 hours a day for just a few cents an hour.
Want to see what a country without the minimum wage would look like? Look at countries like Malaysia and China, where kids are STILL being abused like how I mentioned above. THAT, my fellow Econ textbook reading friends, are what working conditions are like in an unregulated "pure capitalistic" economy.