No. This is ridiculous. The economic ideas that have developed the current world economy are soundly based in capitalist theory which absolutely insist upon a small wealthy elite being supported by the poor exploited masses. The idea is that capital- a limited resources- is amassed by stealing it from others via their labor and obtaining goods as cheaply as possible, with no regard for the costs to the environment. Capitalism is a highly, highly exploitative economic model- when American was at it’s height of economic security- capitalism was being practiced in a limited and tempered form. After WWII American goods and labor, were in high demand and so American workers, for the first time in American history, had the upper hand and could insist upon being paid a living wage. I think that period lasted from 1950 to 1970. Please note that this was effective because most of the world was in ruins- and American goods and labor was desperately needed.
Today, the situation is drastically different. American goods and labor are not drastically needed, and labor in general is not in high demand anymore, anywhere, due to automation. Worldwide, human labor is valued at zero or a very low wage in most countries. Nike sells shoes for no less than $100 paying a worker about 75 cents to make them. The material costs about $5. We are talking a $94 profit on that shoe. Why would there be any incentive for whoever owns Nike, to pay a living wage that would deeply cut into these profits?
Well, there is a limit. These kinds of profits are not sustainable…especially if no one is making decent wages..who buys the shoes? The current economic paradigm is almost at that limit- all the wealth in the hands of a few, no circulating wealth to buy anything with. This paradigm was always self-defeating and idiotic, but it just took a few centuries to reach the limit. We’re almost there though. It is time for something entirely different.