What effect did Ford's economic policy have on the economy?
Answer: Ford's economic policy had a significant impact on the American
economy in the early 20th century. He introduced the concept of assembly line
mass production, which allowed for the efficient and low-cost production of
goods. By making production faster and cheaper, Ford was able to make their
products, especially cars, more affordable to the average American. This, in
turn, helped to increase business revenue and economic growth.
Ford's economic policy was founded on the principle of paying workers fairly,
thereby making sure workers were able to afford the products they made.
This, in turn, led to increased consumer demand, which further stimulated
economic growth. In addition, Ford's policy of paying higher wages to his
workers also helped other businesses as workers had more disposable
income to spend on goods and services.
Overall, Ford's economic policy played a significant role in the development of
the American economy in the early 1900s, helping to make goods more
affordable, boosting demand, and increasing economic growth.
References:
- "Henry Ford Changes the World, 1908" History.com, A&E Television Networks, 13 Nov.
2009, https://www.history.com/this-day-in-history/henry-ford-changes-the-world-1908 .
- "The Ford Motor Company and the Rise of Mass Production." U.S. History Online
Textbook, Independence Hall Association, https://www.ushistory.org/us/44c.asp .
- "Henry Ford and the Model T." The Henry Ford,
https://www.thehenryford.org/education/teacher-resources/activities/henry-ford-and-themodel-t/ .