In communist China before Den Xiaoping got the power, a local administrator of a rural farmland risked his neck and made a promise to the town farmers as follows:
“I will lend each of you land. Grow crops as you like, and take the whole yield as yours except the certain amount of tribute for the government. Keep it secret to yourselves lest central government officers know it."
The result was five times many yields. Before, 100% of yield (it was still small in amount) was confiscated by the central government as tribute and farmers received small amount of ration from government.
It is said that Den Xiaoping happened to hear this story when he inspected the rural area. So he had gotten the great hint, and he made Chinese version of capitalistic miracles.
Men move most voluntarily and energetically when they know that their effort can earn them the most profit. This is the same in all economic activities whether that is a rural farm or a city company.
Socialistic policy raises the wage to the point that CEO and investors hesitate to open/run businesses and go outsourcing overseas. I am against the minimum wage system, not only for the CEOs but also for the workers and the overall economy of a nation.
Let the labor market decide the wage. If labor force is bigger than demand, the wages should go down accordingly. If work forces are smaller than demand, the wages would go up.
Market is the place where people earn livelihood. Let the markets do the job. Exploitation of work forces? CEOs have to give the best possible incentive to workers to keep workforces of good quality. CEOs are not dull guys as to lose good workforces to other companies. If we let unions get the power to decided wage, the companies would bankrupt or go overseas.
Socialists instigate workers to hate CEOs and let the companies bankrupt or go overseas. Chinese has gotten the most of this trend in industrialized countries.
It is not that America lacks money, material, and labor force. What is lacking is the incentive or reward for the investors. Investors do no do economic activities as long as they think their investment would not make profit.