This meant that people had one specific job on the production line that they repeated over and over so they became very good at this one job, this meant that the T-ford model could be produced every 10 seconds. Henry For could then sell these cars for much a cheaper price than before because it used to take blacksmiths hours to produce a single car. This mass production also provided many people with jobs. People felt that they could buy cars at this cheaper price and therefore more cars were bought, putting more money into the economy. The car industry also helped the economic boom because more people could move near to cities without actually living in the centre of them and then drive into the cities to work and earn money.
Henry Ford once said, “I will build a motorcar for the masses…constructed of the best materials, by the best men to be hired, after the simplest designs that modern engineering can devise…so low in price that no man making a good salary will be unable to own one and enjoy with his family the blessing of hours of pleasure in God’s great open spaces.” Firstly, Henry Ford created new technology that nobody has ever seen before. Secondly, Henry Ford created the model T that was the first car ever to be created. Thirdly, Henry Ford was the first man that created the assembly line. Henry Ford changed the way we look at transportation forever this is why he should have a memorial built in his honour. Henry Ford created new technology that nobody has ever seen before.
While it has been argued that an exceptional economic growth caused some problems, the advantages that came with it, outweigh the negatives. Germany’s economic growth was exceptional, industries such as the production of coal and iron doubled in the years up to 1914. By 1900, Germany’s particularly strong steel industry had exceeded that of Britain’s and by the beginning of the first world war, Germany‘s share of trade in the world was equal to Britain’s. Therefore, the power of the elites was not being threatened, as the country was benefitting from the money that the economic growth had brought in, to a high extent. Germany led the way on Europe with the creation of new industries such as chemicals, pharmaceuticals, electrics and motor manufacture.
In the years 1890-1914 in America, big businesses had a great impact on the growth of the economy. By the 1890 America was a booming economy due to the Steam Revolution of the 1830’s to the 1850’s, and the railroads supporting the growing US economy. Other factors are a huge number of unskilled and semi- skilled labour, talented entrepreneurs and the government willing to aid at all levels to stimulate economic growth. There are many factors suggesting that it was due to the rise of big businesses. One of them being that big businesses dominated the American economy, due to the chance of vertical integration.
At one point, when building the model T he was limited in how many that could be produced in a day. In response to the increased demand for horseless carriages he set up a conveyor belt assembly line. Where his factory could build a car in just ninety-three minutes, bringing the price of the automobile down so that even his workers could now afford to buy what they helped
Credit gave people time to pay off the cost of the product. Henry Ford was the first factory owner who believed that if he payed his workers more they would be happier and work would be superior, he raised their wages to $5 a day. In 1925 having industrious workers Ford was able to create an assembly line, for his Model T cars, to be built every 24 seconds. This mindless and fast repetitive work rather than the slow work by skilled craftsmen was less expensive for factory workers and allowed for an increase in affordable consumer goods. Scientific management and time-motion studies created a greater knowledge of production.
1) The first cartoon depicts the the difference between F.D.R. 's attempts to boost the economy before WWII and the effects that the war it self had on the economy. While F.D.R. 's attempts never seemed to make much of a difference, the war boom did the exact opposite. The tires with the words wages and prices depicts inflation and how the war boom raised the prices and wages too much and too fast.
At this time people wanted to spend their money instead of save it for hard times. Society’s hourly pay rate nearly double and tripled during this era. War factories transitioned from making war materials to making civilian supplies, which lead to the boost in our economy at the time. Today, effects of the Baby Boom have many factors that come into play that affect our economy. According to National Academy of Social Insurance “social security faces a financial challenge from the impending retirement of the largest generation in American history, the 76 million persons born in the “baby boom” years, from 1946 through 1964.
Ford steadily lost market share to GM and Chrysler, as these and other domestic and foreign competitors began offering fresher automobiles with more innovative features and luxury options. GM had a range of models from relatively cheap to luxury, tapping all price points in the spectrum, while less wealthy people purchased used Model Ts. The competitors also opened up new markets by extending credit for purchases, so consumers could buy these expensive automobiles with monthly payments. Ford initially resisted this approach, insisting such debts would ultimately hurt the consumer and the general economy. Ford eventually relented and started offering the same terms in December 1927,when Ford unveiled the redesigned Model A, and retired the Model T after producing15 million units.
Buying a new car can always be a hard thing. I know for me I have only bought one car so far in my life but it was a bit difficult. I got lucky and was able to go with my sister’s boyfriend who is a car sales men to help me find one and make sure that I got the most for my money. Therefore along the process of finding one he made sure that I understood the car industry. So that I don’t think in the mind set of I shouldn’t be spending this much and how some car companies don’t look how much a car will cost you in the long run of having it.