[icebraining]

You misunderstood my point. I didn't saying that they'd go bankrupt, I said they "will just stop hiring foreign workers", the keyword being foreign.

If you force them to pay a decent wage, then the workers from developing countries will lose their competitive advantage, losing the jobs to local workers. This means the money remains concentrated in developed countries, instead of raising the wages in developing countries (as it's been happening in e.g. China).