Minimum wage is an absolute necessity because Capitalists would abuse their power to pay as little as possible otherwise.

This is wrong for several reasons:

1: even a worker-owned co-op would seek to limit new hires, because the pool of revenue is only so big. This is no different from wanting to pay someone as little as possible, ethically.

2: if minimum wage was an absolute necessity and markets didn’t drive wages, vastly more people would be paid at minimum wage.