Word: minimum
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Dates: during 1990-1999
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...issues are simple. Labor standards, for example, may appear to be an obviously good idea, but Third World countries are in rebellion against any attempt to enforce them - for the simple reason that cheap labor is all many of them have to offer in the world economy, and enforcing minimum standards may actually destroy hundreds of thousands of jobs in the developing world. Why would a U.S. apparel manufacturer have its wares manufactured in China if it had to pay American-level wages? So just as what's good for business isn't always good for all of society, what...
...Labor practices U.S. labor, with the verbal support of the Clinton administration, is pushing for the WTO to enforce minimum labor standards in developing countries, protesting that manufacturers are exploiting sweatshop conditions. But the governments of many developing countries see this as an attempt by Washington to protect American jobs at the expense of the Third World poor. With low labor costs often the only competitive advantage many developing countries have in the global economy, they fear that enforcing labor standards will simply expand unemployment in the developing world...
...this has occurred with a minimum of government planning. But that may have to change. An early sign of the complications ahead is the expected demise of external tariffs sheltering the auto pact, after last month's World Trade Organization interim ruling that they discriminated against Japanese and other automakers. While Ottawa ponders whether to appeal the ruling, doomsayers are predicting the end of the "sweetheart" tariff holiday that they claim has underwritten Great Lakes prosperity for the past three decades. But the tariff ruling is probably irrelevant...
...MINIMUM WAGE AS Congress debates whether to raise it, a look at how its buying power has declined...
...earns minimum wage...