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Not in this country[0], no. If you allow a company to set the floor for their market with sub-living wages, then all other companies need to either match the lo
by katmannthree 7y ago
Not in this country[0], no. If you allow a company to set the floor for their market with sub-living wages, then all other companies need to either match the low wages to stay competitive or they'll eventually fail or be taken over.
On a slightly broader scale, I don't see any mechanism by which markets self-regulate to police unethical behavior. All I see is the opposite, companies rebranding when their image gets tarnished and hiring PR firms to lie to people but they don't actually stop behaving unethically. Even in rare cases when they get fined, oftentimes the fines are less than the profit they made from the specific actions they were fined for.
[0] Global issues, trade, outsourcing, etc are a far bigger discussion.
- foogazi 7y ago> If you allow a company to set the floor for their market with sub-living wages, then all other companies need to either match the low wages to stay competitive or they'll eventually fail or be taken over. If that is the case why aren’t we all making minimum wage?
- katmannthree 7y agoBecause we're talking about the floor of employment, unskilled / seasonal / temp labor. Different dynamics apply when you have valuable skills that make you harder (read: more costly) to replace. The people on the floor, whether they're there because they're just starting out or because they've experienced hardships or just because they don't want to go further, those people, shouldn't have to be living on the streets or go bankrupt from medical expenses. That's the entire point behind a minimum wage.