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Why does the market act rationally? Or more importantly, for whom does the market act? Why is there an assumption that the market acts for the benefit of the workers?
"The market" freaks the fuck out when someone makes a typo in a computer program and "the market" panics when Steve jobs sneezes. "The market" isn't a rational actor.
If people have a choice between no jobs and working for unfair wages, we know they'll work for unfair wages, that's historical fact. That's not a free and noble choice, that's an act of desperation. Particularly when they could work 80 hours a week at those wages and not make enough to live on. When employers have the option to pay wages that low, they pay them, that's also a historical fact. And it is in their benefit to do so.
The 'free market' without regulation causes a lot of problems. Until the people with the power decide they don't want it anymore, I don't really see the reason to give them more.
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