How on earth would that be catastrophic to businesses? If anything it would actually BENEFIT the world economy. It would really help create equality and actually give the people more money to invest! More flexibility. People in places such as Africa and China are paid way to little to make cheap goods. This may even help return manufacturing industry to the United states (so we can actually make something real instead of manipulating numbers for GDP). This may result in higher prices, but it would result in people getting more money for a better standard of living, a better lifestyle and create equality worldwide and will even help create a middle class in countries that are full of industry, but dirt poor.
This has so many benefits that it really outweighs the costs... This is the future.
However, I personally think that before we attempt such grand policies we should topple our own corrupt governments first or this will lead to a world government (possibly) and corporate, worldwide monopolies.
In countless places in the world, people are being exploited, treated like slaves. Many companies cut expenses by using workers willing to work for next to nothing. If we removed the "safe-zones" for this to even happen. We would force companies to treat people more fairly. This would change the world for the better. Yes your T-shirts would cost more, your coffee too, but the people making the stuff, can now feed their family and give them an education.
A common rebuttal of a global living wage is saying that it will hurt the business, but business can thrive more easily when there is lower absenteeism and turnover rates, as well as higher worker morale. While the economy may seem damaged, the extra cash flow will inspire those who may have a cash surplus to reinvest in either bonds or in the stock market. This boost in business will strengthen the nation as a whole, and counteract any potential loss for the business.
Economy comes from the Greek and being economical means being reasonable and inexpensive. But reason is hard to find in the world. A global minimum with global maximum wage would be optimum to fight any financial crisis problems and avoid too great disparities which are the main reason for the global crisis. Competition is only exploiting, I do not remember gaining anything as a consumer from western companies moving to cheaper production to the east or Africa!
Economy comes from the Greek and being economical means being reasonable and inexpensive. But reason is hard to find in the world. A global minimum with global maximum wage would be optimum to fight any financial crisis problems and avoid too great disparities which are the main reason for the global crisis.
That is a Marxist statement that unites the world as "one people". Doing so takes away business' freedom, and could have catastrophic results. Every country, likewise, is its own country, and should be able to manage its own rights. Making a "world government" could become heavily manipulated in the future by certain political parties, and could potentially have devastating effects. Revise your logic before you vote "Yes".
I think a global minimum wage is certainly something to consider in the future. Perhaps for now we really should focus on improving workers rights internationally by banning child labor and improving working conditions.
The argument that EliasPredko makes is "doing so takes away business' freedom" is the same thing as saying that abolishing slavery took away the slave owners rights to own slaves. That obviously is not an argument in favor of human rights, equality or power residing with average people, which is not necessarily the argument I would expect somebody who fears a "world government" would make. Also the fear of "wold government", which in and of itself is an irrational fear, is kind of irrelevant to the topic at hand.
Back to minimum wage. A global minimum is not a good idea because something like $4 means a completely different thing in Canada than it does in Ghana. A better idea would be a UN mandate saying countries have to have a reasonable, realistic minimum wage by 2018. More than 3 Billion people are living in poverty around the world with a huge number of those people being children. Having that many people living in poverty benefits nobody including the large corporations keeping them poor because making these people not poor means 3 billion new consumers who will buy gas, clothes and food! Any argument against minimum wage shows a lack of understanding of basic economics.
If there is a global minimum wage, than it would need to be a wage that can high enough for developed countries. This means that less developed nations loose their comparative advantage in the world market place because they now have to pay their employees wages that are much much higher than the local businesses could probably afford. Businesses shut down in those countries because their prices are no longer competitive and foreign investment floods back into developed countries. If you REALLY care about developing and poor countries, you would never allow this to happen. Prices for goods would be so high that anyone who doesn't happen to have a job in a developed country (which would be even more than before because the cost of labor is now so high that employers would have to fire people) would not even be able to afford basic goods which they already struggle to acquire. If you really care about developing nations, please do your research before supporting stupid ethnocentric policies.
How about you pay workers what they're worth rather than minimum wage, so that lazy idiot doesn't make 15$ an hour while you work your butt off for minimum wage. People are getting payed slave wages, that's their fault for having no drive to revolt. If i was Chinese i would start a revolution, i would die in the service of the people of china. Even if there was a global minimum wage, not only would most countries not give a damn, but any country who feels like it will find a loophole...