2 ms·
So recovery time was just about 20 years. It makes sense though. You replace $0 labour with $min_wage labour isn't going to put a big hole in wealthy person's p
by sytelus 8y ago
So recovery time was just about 20 years. It makes sense though. You replace $0 labour with $min_wage labour isn't going to put a big hole in wealthy person's pocket considering the fact that now they don't pay for food, cloths, shelter etc so the difference would be pretty minimal (the net gain for ex-slave population is left over from $min_wage, i.e., their savings which be zero to negligible). On the other hand, capitalism generally doubles wealthy person's assets every 10-20 years so any loss would be easily erased within couple of decades.