Ford did not believe in accountants; he amassed one of the worlds largest fortunes without ever having his company audited under his administration.
Labor philosophy
The five-dollar workday
Time Magazine, January 14, 1935.Ford was a pioneer of welfare capitalism, designed to improve the lot of his workers and especially to reduce theheavyturnover that had many departments hiring 300 men per year to fill 100 slots. Efficiency meant hiring and keeping the best workers.
Ford astonished the world in 1914 by offering a $5 per day wage , which more than doubled the rate of most of his workers. Ford and Crowther in 1922 described it as six 8-hour days, giving a 48-hour week, while in 1926 they described it as five 8-hour days, giving a 40-hour week.
Detroit was already a high-wage city, but competitors were forced to raise wages or lose their best workers. Fords policy proved, however, that paying people more would enable Ford workers to afford the cars they were producing and be good for the economy. Ford explained the policy as profit-sharing rather than wages. It may have been Couzens who convinced Ford to adopt the $5 day.
Ford Airplane Company
Ford, like other automobile companies, entered the aviation business during World War I, building Liberty engines. After the war, it returned to auto manufacturing until 1925, when Ford acquired the Stout Metal Airplane Company.
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