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Essay / Research Paper Abstract
This 3 page paper discusses Henry Ford and the way in which his policies impacted American economics. Bibliography lists 1 source.
Page Count:
3 pages (~225 words per page)
File: D0_HVfrdecn.rtf
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Magazine named the people it considered the most important or influential of the century; it settled on Henry Ford as its "Businessman of the Century" (Fortune selects Henry Ford businessman
of the century, 1999; hereafter "Fortune selects, 1999"). In winning the title, Ford beat out three other powerhouses: "General Motors Alfred P. Sloan, Jr. (1876-1966), IBMs Thomas J. Watson (1914-1993),
and Microsofts Bill Gates (1955- )" (Fortune selects, 1999). Fortune editor Alex Taylor writes that "Henry Ford (1863-1947) didnt invent the automobile, but he invented the automobile business" (Fortune selects,
1999). That makes him the inventor of one of the most profitable (until recently) segments of the American economic structure. Ford was, however, the "worst manager of the four finalists"
but a great entrepreneurial thinker; "three of the biggest management brainstorms of the century happened in Fords head" (Fortune selects, 1999). It was Ford who came up with the idea
of a "moving assembly line"; he also believed in paying his workers not "as little as possible but as much as was fair" (Fortune selects, 1999). His third idea was
that of vertical integration; the term means that a company owns or controls everything it needs to make and distribute its products. That is, it owns or controls suppliers of
raw materials, parts, fabric for seats-anything that goes into a Ford, Ford Motor controls; it never has to go to an outside source. This means that it never faces unexpected
price hikes or shortages. Vertical integration transformed the River Rouge Ford plant in Detroit into "the chief wonder of the industrial world....[Ford] was a builder of industry that transformed
the very land we live on; the first to create a mass market as well as the means to satisfy it; as great an entrepreneur as weve ever seen" (Fortune
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