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A '''living wage''' is a wage that's sufficient to support a decent [[quality of life]]. That is, access to basic needs such as food, housing, transportation, education. Living wages are directly proportional to an area's [[cost of living]], the higher the cost of living, the higher wages must be in order to be considered "living wages." | A '''living wage''' is a wage that's sufficient to support a decent [[quality of life]]. That is, access to basic needs such as food, housing, transportation, education. Living wages are directly proportional to an area's [[cost of living]], the higher the cost of living, the higher wages must be in order to be considered "living wages." | ||
Under [[capitalism]], wages are constantly driven downward by the endless pursuit of profit, while the cost of living is also increased for the same reason. | Under [[capitalism]], wages are constantly driven downward by the endless pursuit of profit, while the cost of living is also increased for the same reason. | ||
Under [[socialism]], the cost of living is usually state-controlled (through subsidies or price controls) and wages are similarly regulated to ensure sufficient spending power. | Under [[socialism]], the cost of living is usually state-controlled (through subsidies or price controls) and wages are similarly regulated to ensure sufficient spending power. | ||