... of assembly-line work and repeated increases in the production quotas assigned to workers. Ford met this difficulty by doubling the daily wage then standard in the industry, raising it from about $2.50 to $5. The net result was increased stability in his labor force and a substantial reduction in operating costs. These factors, coupled with the enormous increase in output made possible by new technological methods, led to an increase in company profits from $30 million in 1914 to $60 million in 1916. In 1908 the Ford company initiated production of the celebrated Model T. Until 1927, when the Model T was discontinued in favor of a more up-to-date model, the company produced and sold about 15 million cars. Within the ensuing few years, however, Ford's preeminence as the largest producer and seller of automobiles in the nation was gradually lost to his competitors, largely because he was slow ...

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