There have been systems like that before. Charles Dickens wrote about them a good deal.
Oberon, you are right, Dickens described a 19th century version of my prescribed scenario, but remember, it was a 19th century version. If we were to scrap laws enshrined since, lets say 1965, you would not have such a huge problem. After all, the class system that reduced the value of a worker's life relative to that of the capitalist does not exist in this country.
I would submit to you that the catastrophic injustices envisioned by you will not come to pass should such a reform be carried out. Entrepreneurs today are far more responsible than the left gives them credit for.