How Did Henry Ford Affect The Economy
Henry Ford was born in 1863 in Michigan. From an early age, he expressed an interest in mechanics. After his mother passed away, Henry left his family home to look for a job in Detroit. He was then employed at Edison Illuminating Company. Ford worked his way up to being an engineer. By the time he turned 30, he became the chief engineer and gained recognition from the owner of the business, Thomas Edison. Thomas Edison became Henry Ford’s role model. He taught him how to run a business and how to be successful as a businessman. Ford retained the information he was given and started working on a gasoline-powered horseless carriage quadricycle. Ford was able to reduce the quadricycle into a smaller car, which became the base for the famous Model
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The stock market crash of October 29, 1929 provided a dramatic end to the economy. During the 1930’s, Henry Ford amazed the industry by offering a daily wage of $5. This put a job at The Ford Motor Company in high demand. This wage was far above what anyone else offered. By paying high wages, it attracted the highest level of labor productivity. Although many questioned Ford’s thought process on why he was so generous with his paychecks. His response to the questions about the high wage was that it would allow for the workers to be able to afford the cars they were making. This set him apart from most businesses making him a social …show more content…
As a young boy, Etzel looked up to his dad just as any child would. His parents sent him to an all a very prestigious all boys school where he thrived. But, Henry thought otherwise. When henry was young, he barely passed the eighth grade. He strongly believed that success didn't come from books, but came from hard work. He felt Etzel should be in the shop working with him. Henry wanted to teach his son about the business. Eventually, when henry wanted to pursue other interests other than his company, he gave his son Etzel the 250 million dollar business. The thought of a 25 year old taking over a business of that value rattled the
The stock market crash of October 29, 1929 provided a dramatic end to the economy. During the 1930’s, Henry Ford amazed the industry by offering a daily wage of $5. This put a job at The Ford Motor Company in high demand. This wage was far above what anyone else offered. By paying high wages, it attracted the highest level of labor productivity. Although many questioned Ford’s thought process on why he was so generous with his paychecks. His response to the questions about the high wage was that it would allow for the workers to be able to afford the cars they were making. This set him apart from most businesses making him a social …show more content…
As a young boy, Etzel looked up to his dad just as any child would. His parents sent him to an all a very prestigious all boys school where he thrived. But, Henry thought otherwise. When henry was young, he barely passed the eighth grade. He strongly believed that success didn't come from books, but came from hard work. He felt Etzel should be in the shop working with him. Henry wanted to teach his son about the business. Eventually, when henry wanted to pursue other interests other than his company, he gave his son Etzel the 250 million dollar business. The thought of a 25 year old taking over a business of that value rattled the