A Global Minimum Wage

Paper Summary:

This paper discusses what factors first gave rise to international labor rights and international labor laws, pointing out that they first came to universal light in the modern era in the context of rapacious multinational corporations (MNCs) that were achieving impossible gains in efficiency at the expense of foreign labor during the 1970s and 1980s. Thus, Americans and consumers from other leading Western economies began to realize their fashion apparel was fabricated, literally, at the expense of someone else's blood, sweat, and tears. The paper also discusses the emergence of labor standards and their implementation as more than just a way of promoting economic growth. They also emerged as a new and important area of concern for socially responsible investors, especially in the "problematic" footwear, apparel, and toy industries. For most investors involved with this issue, the fundamental matter of concern is the protection of human rights in the workplace.

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