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.
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