0:00
All right.
00:01
So today we're going to be talking about labor standards and working conditions and why they are lower in low income countries as compared to more developed countries.
00:12
Right.
00:13
And in theory, the working conditions and labor standards of a country actually determines the income of that specific nation.
00:22
So this means that when wages and work conditions are higher, right? that is a sign of a high high income country.
00:35
But when wages and conditions are lower, that is a sign of a low income country.
00:42
And this is the correlation that both sides have when it comes to any country in the world.
00:51
So you can basically identify whether or not the country is classified as high income or low income by looking at just their labor standards.
00:59
So let's take a deeper down into the low -income working conditions, right? so we have to know that due to the fact that these countries aren't generating enough money domestically or with the production of goods and services, the country faces almost like a recession or poverty, right? and with that, people are forced to work very low -paying jobs in poor conditions to provide for themselves and their family, right? so the country itself does not have enough money to implement high -paying jobs.
01:31
Standards because that will drive out all the multinational companies, right? so suppose this is a low -income country, right? all these factories are producing here.
01:43
Why? because there are low environmental standards, low labor standards, right? and as soon as the government raises these standards, all these companies will, like, evacuate and look for countries where it's lower, right, to make cheaper products...