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Transition of Economic Systems: Fordism to Post-Fordism - Essay Example

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Masters
Essay
Journalism & Communication
Pages 7 (1757 words)

Summary

Henry Ford was the initiator of mass production in his plant in Detroit. The year was 1914 and the concept of mass production was something very novel. This was basically an experiment conducted by Ford company to determine whether the cost of automobiles can be reduced using this method of production…

Extract of sample
Transition of Economic Systems: Fordism to Post-Fordism

The results were satisfying and it was discovered that this production method certainly had merits. The costs were reduced tremendously and the efficiency of workers was greatly improved. It was the beginning of a new era. However, there were certain drawbacks of using mass product. Workers were not necessarily very open to this change as it implied high turnover rates in the production line and massive job cuts. Henry Ford was an intelligent man and in order to make this change acceptable he raised the wages of workers and was able to retain his unhappy employees. Ford also discovered that higher wages will have accelerator affect in the economy and would increase the demand for his own product i-e automobiles. Thus, he was looking at a broader picture of an economy that runs a full circle. (Lipsey and Chrystal, 2003) Fordism was an era of rapid technological advancement. Many companies started producing on a large scale citing great economic benefits. They discovered that large scale production reduces operational costs massively. ...
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