We have already seen what the world is like with no employee protections - exploitation of children for labour, like in the British coal mines. Unsafe working conditions in Victorian workhouses, leaving men without hands and without means to feed their family, and with no compensation because 'you agreed to it'. Bosses extorting sexual favours from employees, i.e. Hollywood casting couch.

You can still see this in many developing countries, children on assembly lines in China, or how a clothing factory in Bangladesh caved in killing most women working there.

TANSTAAFL is obviously and demonstrably false - child labour leaves them without education and traps them in poverty. Their creativity and future potential is lost to society. Employees without hands are an obvious loss to society. But the employer doesn't care, he saved a few bucks on safety. He isn't paying the cost. This argument further extends to education and beyond.

The argument of TANSTAAFL was used by coal companies in the 1920's. At the time they used to hire assassins to murder Union leaders and even killed the local sheriff. https://www.youtube.com/watch?v=vg9xywAxb10

This also sometimes happens in developing nations today, sometimes at the behest of western companies.