[liber8]

>>It cant happen and wont happen, but this downward spiral of competing to the floor can only be stopped if the entire world sets minimum standards of employment. Even them places like the US and EU will need to revise down, while the likes of India and China will have to revise up!!!<<

This is preposterous. The "downward spiral" as you call it is already slowing, as can readily be seen by many US companies "reshoring" jobs now that China's labor costs have risen so dramatically.

India, Vietnam, Bangladesh, etc., are all following suit because as demand for labor in those places increases, so does the price of that labor. No government intervention necessary.