The History and Understanding of the Concept of a Minimum Wage
Words: 760 Pages: 3 6757The concept of a minimum wage is self-explanatory: employees are guaranteed a pay rate that their employers cannot legally reduce. Today, minimum wage laws play a critical role in our economy; but this was not always the case. The first minimum wage laws were enacted in New Zealand in 1894 but did not come to the United States until 1938. The 1930s were defined by the Great Depression, an economic catastrophe that crippled the world, resulting in monumental levels of […]