This doesn't make sense. Anyone who purchases labour is an employer. "Employers" are not a single entity and therefore cannot maintain a monopsony.

It seems more likely that wages lower or stagnate when the supply of labour exceeds the demand. Minimum wages actually hurt this process by banning the demand for labour below a given, fixed wage.

> massively increased inequality and wage stagnation

Increased as compared to when? Before minimum wages there were all sorts of service and labour positions in the economy that simply don't exist now. It used to be that unskilled labour was available for much lower cost. Think gas stations being able to afford multiple attendants, middle class families being able to afford domestic service. These positions simply aren't tenable at "minimum wage".

Was this a more unequal world? You can certainly make the case for that. Was it objectively worse than the world today, where it is tenable not to participate meaningfully in the economy and still be supported by society? I'm not so sure.