Compose a 1250 words essay on Market Intervention. Needs to be plagiarism free!
The prime argument for the initiation of minimum wages has been the removal of economic disparity. As it has been observed time and again that the poor workers have been deprived of the minimum facilities and benefits by the employers all over the globe, the concept of minimum wages aimed to end the economic oppression. United Kingdom has not been an exception either. It was in the year of 1999 that the government of United Kingdom (led by the Labour Party) introduced the minimum wage. The initiation of the ‘National Minimum Wage’ is considered as one of the most significant interventions by the government in the labour market. The other major party of the United Kingdom, the Conservative Party which opposed the minimum wage previously in 1991, also vouched for the cause since 2005. The major objective of the minimum wages has been the rise of standard of living of the working class of the society (Center for Economic Performance, “Policy Analysis”).
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