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Wages fell because Thatcher and Reagan attacked and destroyed Trade Union power which protected working class living standards.
It is true that minimum wage on its own will only make capital flee abroad to cheap labour countries and employ immigrants.
What is needed is politics based on empowering the working class here and in the third world. A world minimum wage. The more the Chinese workers get the better for all.
Also a maximum wage that should equal a maximum of say 5 times the minimum. We all live in the same society and all should receive the benefits of the the complex industrial information world economy we live in. (the idea that one person makes a fortune on there own is so silly, let them demonstrate how they do it on a desert island)
On a another note - would not this industry be a lot better of with people earning $20 an hour rather than $5 ?
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