How did the Fordist industrial practice spread in US and Europe?

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#1
  • Fordist industrial practices soon spread in the US. They were also widely copied in Europe in the 1920s.
  • Mass production lowered costs and prices of engineered goods. Due to higher wages, more workers could now afford to purchase durable consumer goods sucfuas cars.
  • Car production in the US rose. Similarly, there was a spurt in the purchase of refrigerators, washing machines, radios, gramophone players, all through a system of ‘hire purchase’ or credit re-paid in weekly or monthly instalments.
  • These purchases also fuelled a boom in house construction and home ownership, financed once again by loans; so it created a cycle of higher employment and incomes, rising consumption demand, more investment and yet more employment and incomes.