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TQM Concepts and the effects on pricing and profits

Please help with the following business-related problem.

I totally agree the TQM concepts should be expanded internationally, but if this did happen, how would it effect the world economy overall? For example, if the cheap labor and sweat shops were no longer in existence, and every company used TQM, wouldn't the prices of goods go through the roof?

Solution Preview

In a broader view, TQM is a management style centered on quality. It was a new theory dreamed up in our capitalistic society to provide a framework whereby companies could measure and improve their standards of quality in all phases of the organization. It included management practices inside as well as customer relations outside. It was a top-down approach extending from the highest levels of management down to the most menial processes, and relations with ...

Solution Summary

The 283-word solution presents a contrary view to that expressed in the problem. Both macro and micro viewpoints are listed following a conclusion of the positive effects of TQM concepts.