ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Vocabulary Fordist – form of mass production in which each worker is assigned one specific task to perform repeatedly mostly on an assembly line. Post-Fordist.

Detailed explanation-2: -Fordism is a term widely used to describe (1) the system of mass production that was pioneered in the early 20th century by the Ford Motor Company or (2) the typical postwar mode of economic growth and its associated political and social order in advanced capitalism.

Detailed explanation-3: -Ford’s main contributions to mass production/consumption were in the realm of process engineering. The the hallmark of his system was standardization–standardized components, standardized manufacturing processes, and a simple, easy to manufacture (and repair) standard product.

Detailed explanation-4: -What is Fordism? In present-day economic theory Fordism refers to a way of economic life developed around the mass production of consumer goods, using assembly-line techniques. A few large companies came to dominate the key sectors of the economy, they dictated the market, and dictated what consumers would be offered.

Detailed explanation-5: -post-Fordism in British English (ˌpəʊstˈfɔːdɪzəm ) noun. the idea that modern industrial production has moved away from mass production in huge factories, as pioneered by Henry Ford, towards specialized markets based on small flexible manufacturing units.