Essay about The American Economy - 1358 Words

The American Economy The American economy is a vibrant, free-market system that is constantly developing out of the choices and decisions made by millions of citizens who play multiple, often overlapping roles as consumers, producers, investors and voters. The changes in the organization and performances of the manufacturing industry over the last century have helped shape the American economy. The Automotive industry perhaps made the biggest changes to their manufacturing processes. I will be reviewing the role of the industrialist Henry Ford and his innovative methods that changed the organization and performance of the American manufacturing industry forever. He produced an affordable car, paid high wages and helped create a middle†¦show more content†¦Henry Ford invented neither the automobile nor the assembly line, but developed each to dominate a new era in organization and production of motor cars. By improving the assembly line so that the Model T could be produced more cheaply, Ford placed the power of the automobile within reach of the average citizen. He transformed the automobile itself from a luxury item for the rich to a necessity for all. When the design of the Model T proved successful, Ford turned to the problem of producing the car in large volumes and at a low unit cost. The solution was found in the moving assembly line. After more experimentation, in 1913 the Ford Motor Company displayed to the world the complete assembly-line mass production of motor vehicles. The technique consisted of two basic elements: a conveyor system and the limitation of each worker to a single repetitive task. Despite its deceptive simplicity, the technique required elaborate planning and synchronization. The first Ford assembly line permitted only very minor variations in the basic model, a limitation that was compensated for by the low cost. The price of the Model T touring car dropped from $950 in 1908 to $360 in 1916, and yet the profit per car remained the same, at about $100 per car. The 1920s saw Fords new plant at River Rouge opened. It was nearly self-sufficient, with all the components needed to manufacture the car, contr olled and owned by Ford. General Motors at this time beganShow MoreRelatedAmerican Economy Essay1499 Words   |  6 PagesThe American Economy is the most dominant economy in the world and has been one that many countries have tried to replicate. Let’s take a look at how the American Economy is so dominant and why. There are many important numbers to base an economy off of, however, we are only going to look into some of the most vital numbers that really illustrate why the United States is the world’s leading economy. 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