[natrius]

The economies of most developing nations would be crippled. Cheap labor is a major export. Once the labor is just as cheap as in developed countries, there's no need to incur the overhead of coordinating production over long distances, so the production of many goods and services would move back to developed countries.

Prices of goods that are currently produced using cheap labor would increase dramatically. The current living wage in developed countries would no longer suffice.

Such a policy would be bad for pretty much everyone, and devastating for the people the policy is ostensibly benefits.