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v-tec wrote:
I can see no problem to introduce it in developing countries as well.
Well, I can. For first, this would mean investors withdrawing from manufacturing business, especially in developing countries where labour efficacy is poor and can not offset higher costs. Secondly, this would cause an increase on goods price, paid inevitably by end buyers.
Markets like these of China and India are not large at all. Combined GDP of China and India is smaller than that of Japan with many Asians still struggling to satisfy their basic needs. The only way for developing countries remain export to world market and if one wants to compete on it, one needs to be cheap.
The minimum wage of, say, L1 would not effect the countries like Poland where labour costs usually are about that or higher. But for the countries they just starting to grasp on world market, like Thailand or Bangladesh this would be a fatal blow.
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