I am by no means a Marxists but Karl Marx describes in great detail and accuracy the workings of a world run by truly unfettered capitalism. One of the key components of this is that fact that business owners pay their workers only what they need to in order to keep them coming back(i.e. enough to eat). The 'free market' will not price their wages competitively they will drop them like rocks in order to increase their profit margins. Most major companies already pay close to minimum wage and only increase their base pay when the MW increase. The MW is a very important front-line defense against the extremes of pure capitalism, one which keeps millions of Americans out of poverty. The only real debate around the subject is the amount which it should be set at. High enough to guarantee a reasonable living condition but not so high that it robs a company of its money.
People would work for less and be poorer.
List of countries that do not have a minimum wage:
United Arab Emirates
Mixed feelings. As a con I think that it would create a lot more employment and.... business. I DO know that when you increase the minimum wage - it usually hurts the lower income/skill person more than it helps.
In the end there really wouldn't be much of a change. I don't know of anyplace that pays minimum wage in my area. Stating wage here is 10+ per hour (yes even at Walmart). It's true we have a strong job market but all the minimum wage has done really is keep no or low skilled workers out of true entry level positions. Think about it, if I have to pay X why give someone with no or low skills a chance to prove themselves? I'm going to require x years of experience or so much college or trade school before I will take a chance on you and even more so now that many business are required to provide healthcare. That has become the norm, so that even in a weak job market when a business could pay less they are still going to require experience or furthering schooling and excluding the truly low and no skilled worker.