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>The reason why the minimum wage concept exists, is because of how much labor was abused in the early development of nation

Not really. Minimum wage was originally theorized as a means to destroy jobs and to persecute less skilled people, older people, immigrants, etc. It's a means to shove these harmful "parasites" (the eugencist's words, not mine) out of society.

I can find the references if you need it, but I'm sure you can google for it.