It's been quite a while, thankfully... we'd resemble our South American neighbors a lot more if we didn't have the regulations we have in place.. in the 19th century there was child labor, 15-20 hour workdays, incredibly horrible pay, no benefits, etc.... it was a great time to be alive, if you liked nearly starving for a while until you died of a curable disease. That's what the "free market" decides (since the heads of corporations are more concerned with profit margin than basic human decency)
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