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"Fordism" is a term that is generally used to refer to a system in which there is mass production (using things like the assembly lines that Henry Ford did so much to pioneer in the early 1900s) and mass consumption. This is supposed to lead to economic growth.
The idea here was that workers would be able to make huge amounts of products using modern, efficient techniques. It would be important to pay them well (Ford was the man behind the $5 daily wage) so that they would be able to afford to buy the things they and other workers made. This combination of high supply and high demand would lead to economic growth.
Whereas Taylorism (on which Fordism is based) seeks machine and worker efficiency, Fordism seeks to combine them as one unit, and emphasizes minimization of costs instead of maximization of profit. Named after its famous proponent, the US automobile pioneer Henry Ford (1863-1947).
Read more: http://www.businessdictionary.com/definition/Fordism.html#ixzz1ntzYGnKD
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