Trump Paris Meta-Decision

[palou]

robzo100 said:

palou said:

Globalism can also mean a more open market.

 

I would personally support a completely open international labour market. Economic theory would state that a single market is inevitably more productive than the sum its parts (supposing no other regulation is involved).

It can mean alot of things depending on the context, but within the steady stream of back-and-forths it meant global-unified regulations/legislation.

 

Anyways, An international labor market means throwing out the minimum wage, or having classes of wages(I support this), which the US-democrats would scream about - and yet they are the biggest supporters of illegal immigrants that end up taking dirt jobs below the minimum wage. In other words, we already acknowledge back-handedly that some markets work well below the minimum wage.

One of the biggest challenges we face towards modernizing the world - meaning propping up failing economies of the Middle East and Africa, will be to let them participate in this global labor market. They can't do it at 7-9 bucks an hour because their skills (malnourished/physically weak, uneducated, etc.) aren't worth 7-9 bucks. But right now a lot of them get close to zero or end up participating in the black markets and/or criminal behavior which further erodes those economies and their potential. But if we got rid of globabl minimum wage barriers than yes 2-3 dollars/per-hour could become feasible.

Planet Earth can not make siginificant progress while huge patches of the planet don't participate....BUT, this is definitely starting to exceed the limits of this forum thread.

I personally would not mind removing the minimum wage, eventually. Germany only recently started reintroducing the minimum wage, and it's still absent in many a context.

 

In the West, this would, of course, strongly lower the wages of the lower classes (while simultaneously making them higher in the rest of the world). However, this would most definitely also augment efficency, and lower prices very significantly. The West could probably still distinguish itself through education, however.

 

I'd love to see the result of the pairing (open labour market, no minimum wages, LOW (ca. 1000$/year) universial income and uniform safety/environnemental regulation applied internationaly). However, it is also, without a doubt, an extremely risky move.