Mr. Ford announced that he was doubling the pay of thousands of his employees, to at least $5 a day

May 9, 2015

Mr. Ford announced that he was doubling the pay of thousands of his employees, to at least $5 a day. With his company selling Model T's as fast as it could make them, his workers deserved to share in the profits, he said. His rivals were horrified. The Wall Street Journal accused him of injecting "Biblical or spiritual principles into a field where they do not belong." The New York Times correspondent who traveled to Detroit to interview him that week asked him if he was a socialist.

 

Source: David Leonhardt (2006). "The Economics of Henry Ford May Be Passe", The New York Times, April 5, 2006, C1. Available at http://www.nytimes.com/2006/04/05/business/05leonhardt.html.

 

 

 

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