I believe that a State has the right to look after its people. It has the right to say to to employers you cannot employ child labour, because we need these children to go to school, so that they can be literate and highly productive OVER the LONG TERM. It has a right to insist that adaquate safety standards are employed in business so that unscrupulous employers do not kill them,or leave them maimed so that the State had to kill them or hospitalise them. It has a right to extract money from these employers to pay for this education and training.
Minimum wages are part of this. A State has a right to say, do not treat our citizens as slaves , give them a living wage, or we the State have to give them handouts .
They encourage greater enterprise and productivity and stops a race to the bottom.
At some stage these state protections become counterproductive,and starts killing the golden goose, but prudent Government is knowing when to draw the line.
I am happy to see wealthy industries and industrialists, I am also happy to see safe work practices, non austerity, prosperous citizens.