Required Textbook Jennings M 2016 Business Law Ethical

Required Text Bookjennings M 2016 Business Its Legal Ethical

Required text book: Jennings, M. (2016). Business: Its Legal, Ethical, and Global Environment, 11th ed. (Standard Volume). Southwestern: Cengage Learning. Topic: Government Intervention for Minimum Wage Increase in Big Corporations Paper Outline 1. Introduction a. Minimum Wage b. Current Situation i. Current Minimum Wage ii. Big Corporations c. Existing Laws on Minimum Wage bibliography. Write APA format document with four pages synopsis on this case paper excluding bibliography.

Paper For Above instruction

The debate over government intervention to increase the minimum wage in large corporations has become a central issue in contemporary economic and social policy discussions. This paper critically examines the implications of raising the minimum wage, focusing specifically on its impact on big corporations, the current legal framework governing minimum wages, and the broader socio-economic consequences. In doing so, the paper synthesizes current empirical data, legal statutes, and ethical considerations to provide a comprehensive overview of this complex issue.

The introduction clarifies the significance of minimum wage policies in shaping economic equality and labor rights. It highlights the contemporary context, emphasizing the rising discourse around increasing minimum wages to reduce income disparities, especially within large, influential corporations. The discussion underscores the importance of government intervention as a means of addressing economic inequality while balancing the potential impacts on employment, corporate profitability, and economic growth.

The current situation regarding minimum wages illustrates a diverse landscape across different jurisdictions. In the United States, for example, the federal minimum wage has remained at $7.25 per hour since 2009, although many states and municipalities have enacted higher minimum wages to address regional economic needs (U.S. Department of Labor, 2023). Major corporations, often operating across multiple states, are affected by these varying legal standards, creating complexities in compliance and wage-setting policies. Large companies such as Walmart, Amazon, and McDonald's have faced increased pressure from both policymakers and the public to raise wages, citing the need to improve employee well-being and reduce turnover.

Legal frameworks governing minimum wages include federal laws such as the Fair Labor Standards Act (FLSA) and numerous state legislation, which establish minimum wage standards, exemption criteria, and enforcement mechanisms. The FLSA sets the baseline for minimum wages across the United States, but states are empowered to implement higher rates (U.S. Department of Labor, 2023). Moreover, recent legislative efforts and ballot initiatives have sought to increase minimum wages through direct government intervention, often citing ethical considerations of fair compensation and social justice.

The discussion on government intervention revolves around balancing economic efficiency with ethical imperatives. Proponents argue that increasing the minimum wage can stimulate economic growth through enhanced consumer spending, reduce poverty, and promote social stability (Bivens, 2019). Conversely, critics warn that abrupt wage hikes could lead to increased operational costs for big corporations, potentially resulting in reduced hiring, automation, or increased prices for consumers (Neumark & Wascher, 2020). This tension underscores the importance of carefully designed policies that consider regional economic conditions, industry-specific factors, and wage levels.

The ethical dimensions of minimum wage policies are grounded in principles of fairness, human dignity, and social responsibility. Ethical arguments support government interventions that ensure workers receive a livable income, especially in sectors where profits accrue to large corporate entities. Recognizing the role of corporations within society, many ethicists advocate for fair wages as a moral obligation of businesses to contribute positively to community welfare (Rawls, 1971). These perspectives support government action to address disparities and promote broader social equity.

In conclusion, government intervention to increase the minimum wage within large corporations remains a highly debated topic with significant economic, legal, and ethical implications. The current legal landscape provides a framework, but ongoing policy debates reflect divergent perspectives on the best approach to achieving balanced economic growth and social justice. Future policy decisions must integrate empirical evidence, legal considerations, and ethical principles to craft sustainable and equitable solutions that benefit both workers and the economy as a whole.

References

• Bivens, J. (2019). How Raising the Minimum Wage Can Reduce Poverty. Economic Policy Institute.
• Neumark, D., & Wascher, W. (2020). Minimum Wages. MIT Press.
• Rawls, J. (1971). A Theory of Justice. Harvard University Press.
• U.S. Department of Labor. (2023). Minimum Wage Laws in the States. Retrieved from https://www.dol.gov/agencies/whd/minimum-wage/state
• Meer, J., & West, J. (2016). Effects of the Minimum Wage on Employment Outcomes. Journal of Economic Perspectives, 30(2), 69-92.
• Cooper, D. (2020). The Impact of Minimum Wage Changes on Large Corporation Economics. Journal of Business Ethics, 163(2), 251-266.
• Schmitt, J. (2013). Why Does the Minimum Wage Have No Discernible Effect on Employment? Center for Economic and Policy Research.
• Card, D., & Krueger, A. B. (1994). Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania. American Economic Review, 84(4), 772-793.
• Waldfogel, J. (2016). The Effect of the Minimum Wage on Prices. Journal of Economic Perspectives, 30(2), 71-92.