GOVERNMENT AS POLICEMAN OF CAPITALIST GREED, AND MAN-MADE DISASTER IN KOREA’S BEVERLY HILLS

Donghyun Park

Chapter 16 in Capitalism in the 21st Century:Why Global Capitalism Is Broken and How It Can Be Fixed, 2019, pp 70-73 from World Scientific Publishing Co. Pte. Ltd.

Abstract: It might seem that there is an obvious solution to the problem of corporate greed and misbehavior which, when taken to the extreme, results in human tragedies like Rana Plaza. That solution is government regulation. In both rich and poor countries, various labor laws, rules and regulations protect basic worker rights, enhance workers’ job security, and improve their terms of employment. They are designed to protect workers from exploitation by employers, and to guarantee them a minimum level of acceptable working conditions and safety standards. For example, many countries have minimum wages to help ensure a minimum living standard for workers. Minimum wages vary greatly across countries, from less than US$0.30 in India to a little more than US$2 in Brazil to US$7.25 in the US. The large gaps are not surprising in light of large international differences in living standards and living costs. Another example comes from occupational health and safety, which refers to the safety, health, and welfare of workers. Many countries have legislation which mandates employers to create a safe workplace for their workers, and government agencies which are responsible for enforcing such legislation…

Keywords: Capitalism; Globalization; Inequality; Entrepreneur; Financial Industry; Government; Socialism; Market (search for similar items in EconPapers)
JEL-codes: A1 F00 F6 N2 P16 (search for similar items in EconPapers)
Date: 2019
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