Henry Ford Invented the Modern World... Then Got Left Behind

24:55of growing your business. This is where Odoo comes in. Odoo is the only business software you'll ever need. It's an all-in-one, fully integrated platform that handles everything. CRM, accounting, inventory, e-commerce, HR, and more. No more app overload. No more juggling logins. Just one seamless system that makes work easier. And the best part? Odoo replaces multiple expensive platforms for a fraction of the cost. It's built to grow with your business. Whether you are just starting out or already scaling up. Plus, it's easy to use, customizable, and designed to streamline every process so you can focus on what really matters, running your business.

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26:38Output is for informational purposes only and is not an investment recommendation or advice. Complete disclosures available at public.com slash disclosures. Let's talk about modern home shopping. It's sort of become a fun side hobby, right? Scrolling listings at night, dreaming about kitchens you've never seen or backyards you haven't even stepped foot in. All from the comforts of pretty much anywhere. Redfin knows a lot of people like you want to own but are stuck in this browsing mode loop. That's where Redfin flips the script. With listings that update within minutes and tours you can book right from the Redfin app, you can see your dream home the moment it appears.

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27:55And we're back. The Ford Motor Company is a thing in the world. Henry Ford isn't going to squander this one, as we know. He has a whole team of people trying to come up with a catchy name for his first car, and they call it the Model A. Brilliant. We've got to get all the way to T. But we're not going to talk about everyone. Don't worry. The Model A costs$800 for a two-seater,$900 for a four-seater, which is something like twice what a typical worker makes in a year. So today, what is median wage today? Like$60 ,000? So that would be like$120 ,000 today. Obviously not a car for the masses. But cheap enough that there is a market for it.

28:34Cheap enough that it is a car you can build and profitably sell. And Ford knows all this. He knows it's too expensive. And the key problem, really, is that the Model A is still built a lot like the cars that have been built for, you know, a decade. For it's buying most of the parts from other companies. And at the factory, you'd see like 15 different stations set up around the floor. And a crowd of people around them, I imagine. Right. Like there's a team at each one, you know, fitting parts one by one. They're like, oh, we need a door. Somebody walks over to the door pile, brings it back. I guess so.

29:08And, you know, it's obvious that this is expensive. Slightly less obvious, but quite interesting and important is there is no economy of scale. If you want to build 10 times as many cars, you basically have to have 10 times as many workers gathered around 10 times as many cars. The marginal car does not get a lot cheaper here. And this fundamentally is the problem that Ford is setting out to solve. He's selling cars now. The Model A works. And he's taken all the money, plowing it back into the company, trying to get more efficient, which reminds me a little bit of Amazon. There's that Amazon era where they're doing that.

29:43He's coming up with new models, new ways to build cars. And there's a really interesting book about a lot of this that was interesting to me in the context of working on this show. It's called From the American System to Mass Production by a historian named David Hounchell. He talks about this time, and he says, the Ford Motor Company did not want to make money as much as it wanted to build cars. Henry Ford loved to tinker, and now what he's tinkering with is how to make a cheaper car. By the time they get to the Model N, well on our way, he's really into this idea of interchangeable parts, which Hounchel actually writes a lot about in this history book.

30:22It seems obvious now, but there was an actual invention of this. This is right when gun manufacturers, I think it started with, started to say, oh, if you could somehow build parts that were identical enough that you could swap parts of a gun or a rifle. Yes, yes. So before that, it wasn't even an idea, right? The idea that you could take one part and it would fit in every single gun was not a thing. You built guns one by one. And it, in fact, took a long time. It took in some ways 100 years of people figuring it out and developing new techniques. It's actually quite hard to make everything exactly the same.

30:59And I think we'll do a future show on this, right? Eli Whitney, Samuel Colt, the whole gun thing. Springfield Armory, the U.S. government funded a lot of this. Yes, we will come back to it. Put it on the list. On the list. So Ford gets interchangeable parts religion, pushes it onto his suppliers, makes them all work to the same gauge. So I don't know what the tolerance was. A quarter inch is a quarter inch for everybody or whatever. Not Six Sigma at this point, maybe one or two Sigma. And he brings more manufacturing in-house so that he can have more quality control. And just to put a point on what a big new idea interchangeable parts was or were at this point, Ford, in fact, runs an ad in a trade journal to brag about it.

31:43We are making 40 ,000 cylinders, 10 ,000 engines, 40 ,000 wheels, 20 ,000 axles, 10 ,000 bodies, 10 ,000 of every part that goes into the car, all exactly alike. How? How is it done? I love that that's an ah. It's not we're different. It's you don't understand. We're doing something harder than being different. We're being exactly the same. Think same. And now we get to the Model T. In 1909, the Model T comes out. The Model T is going to be the thing that changes everything. It's going to be the best-selling car in the world for, what, 60-ish years? until it gets beat by the Beetle, which we talked about.

32:22But in 1909, the Model T isn't all the way there yet. It costs$950, about what the Model A costs. Still too expensive to be Henry Ford's dream car. But he's still obsessed with tinkering his way to a cheaper car. And now, with interchangeable parts, somebody at Ford realizes, like, oh, we don't have to stay with that same system where it's a team of guys building the whole car. With the fitters. With the fitters. We can have each guy's job be to put on one part. So one guy puts on the carburetor on one car, and then he goes to the next stand where there's another car, and he puts on the carburetor there.

33:02And if you've ever done any sort of repetitive movement, you know you get better and faster at it. It becomes muscle memory. So they get more efficient out of this. And I should mention that Ransom Olds, the Oldsmobile guy. Love that. Had done kind of a less refined version of this a few years before. This idea of workers moving from car to car. But Ford is about to push it way further. They notice that going from car to car takes a little bit of time. And more importantly, there are these traffic jams, if you will, among the workers where the fast worker catches up to the next car, but the slow worker is still there.

33:37And that is inefficient. And so now, you know, I'm rubbing my hands together in the moment we've been waiting for. they think, what if instead of having the guy move to the car, we have the car move to the guy? It's the assembly line. The assembly line. And initially, it's not the assembly line you picture when you close your eyes and picture a car assembly line. It actually takes them, it takes them months to figure that out. They start with individual parts. And it's not exactly clear who comes up with the idea or where it comes from. but also like a lot of ideas that kind of comes from everywhere.

34:15Like for sure, at least one guy at Ford had actually been to visit a meatpacking plant in Chicago where they would hang a cow up, I guess on a hook and like push it around the plant and it would get disassembled piece by piece. It was a disassembly line and brewers and millers were doing things with moving the product around the factory. And at Ford, As far as we can tell, the first thing they tried like this was the magneto, which was a Marvel character, I guess, but is also a thing that spins around to create an electrical current. So a magneto is about as big around as a dinner plate. And one day in 1913, somebody thinks, what if we put like a waist high counter down through the area where the guys build the magnetos?

35:08And like the first guy puts a piece on the magneto and passes it down to the second guy who puts on the next piece and passes it down to the third guy. And they just slide it down like that. Previously, it had taken about 20 man minutes to put together a magneto. That first day, it took 13. And over the next few months, they kind of tweak the system. They realize they can put the magneto on a continuous chain that just kind of moves it along. And they get it down to five man minutes, from 20 minutes to five. Now, at this point, magnetos are probably starting to build up. You're moving faster than the other parts of the plant, right?

35:46Because that's the thing is once you see it happen in one part of the car, you're like, well, how do we get the rest of the car to catch up with the magnetos? We're not a magneto manufacturer. So, right. And this is the summer of 1913. It's one of those times that must just be so exciting to be in the middle of because they they realize this. And so now they do it for the radiator and for the engine. And then later that year, the thing we think of as the car assembly line happens. Final assembly. Right. They got all the parts. Now they're going to put together the car. And early on, they do it in this way that is so delightfully kludgy or tinkery or trial and errory or just simple.

36:28Henry Ford simple. They get to final assembly. And remember, they've been doing cars like up on stands. And they think, OK, what if at the beginning of final assembly, we put the whatever, the chassis, whatever basic thing we have on four wheels? We do the wheels first. We do the wheels first. And there are these teams of guys spread out. And every so often, the foreman blows a whistle, and the guys go over to these, you know, chassis with wheels, and they push it to the next station. And they go back, and they put the next part on, and the foreman blows a whistle, and they push it again. It doesn't take them too long to figure out, oh, we could use a chain to pull this half-built car through the factory, and the guys could just put the parts on the car as they go by.

37:10I just want to pause for a minute. It is so beautiful. This is such a breakthrough in manufacturing. And it happens in one time and one place. And they get to a point pretty quickly where they have reduced the time for final assembly from 12 man hours before the assembly line to 93 minutes, an hour and a half. Huge. Huge. Now they are getting to this cheap car for the masses. And Ford decides here that they're only going to make one car, the Model T, of course. You can get it with two seats or four. You can get a little truck version. But it's basically building the same car. Because he's obsessed with efficiency.

37:56Like, if you're going to optimize for the Model T, then build more Model Ts. And there is this famous quote that you have probably heard from Henry Ford, another efficiency decision around this time. any customer can have a car painted any color that he wants, so long as it is black. Great Midwestern humor. My grandfather told me that one, actually. So now, with the assembly line and interchangeable parts and a single car painted a single color, you can optimize everything in the factory. You can build bespoke machines that do exactly what you need for this one car at this one stage. There's a machine that puts 24 holes into the engine block at one time, coming in from three different directions.

38:40They're building these gravity slides around the factory, which I think are just like chutes. So like one part comes off the assembly line and they put it in a chute and it goes down to some other assembly line. I want to think the Magneto comes down and just drops right into the car. It's like a Charlie Chaplin movie, I guess. You know, Chaplin is around this time, right? I was going to say a Bugs Bunny cartoon. Well, right. It became a cultural thing. This idea of the factory and the efficiency of it was delightful. It was delightful in some ways, but it was not delightful if you were the guy who used to have this highly skilled artisan fitter job and were now spending all day turning one bolt one after another.

39:22You know who would have hated that? Henry Ford. Henry Ford. Would not have wanted to turn one bolt. No, he would have slacked off. He would have gone to build his car out back. Yeah. And so it is immediately apparent at Ford that people now hate their jobs. Absenteeism is high and turnover is through the roof. In 1913, the year Ford makes this incredible breakthrough, turnover at the company is 380%. And I had to pause to sort of think about what does that even mean? It means the typical worker quits after something like three months. And, of course, new workers have to be trained. And so Ford sees this.

40:03And in early 1914, he gets together in a room with a bunch of his fellow executives at the company to decide what to do about it. And there's an obvious thing to do if you want your employees to stick around. Pay them more money. Give them more money. You and I have talked about... People are always doing this. They're always like, I can't find enough workers. You're like, no, you're not paying enough to find workers. Oh, there's a trucker shortage? Or is there a truckers don't get paid enough problem? Yes. Yes. You could get more workers if you raise their pay. And you can get better workers if you raise the pay.

40:40This is clear to Ford and his fellow execs. And also, they're making more profits now, so they have more money to go around. Which is a classic thing. If you have efficiency gains in your business or factory, that tends to mean you can increase wages for the workers. And it has been correlated through a lot of U.S. history, not all of U.S. history. Yes, this is the happy story of productivity gains is they are broadly shared. And it is usually true, but not always true. And so they're in this room, Ford and the execs. And somebody writes on a blackboard, I think it's Ford, and writes the entry level wage for factory workers at this time, which was$2.34 per day, which was basically the going rate in Detroit.

41:23So Ford's like, OK, we're making more money. We can give a raise. He writes$3 on the board. It's like a 30 % raise. A start. They do the math. There's still plenty of profit to play with. So he starts going up. $3.50,$4,$4.50 a day. And a vice president says mockingly to Ford when he writes$4.50, I dare you to do$5. And Ford writes$5 and says, this is what we're going to do. Overnight, we will more than double the entry-level wage for all of our workers. This is unheard of. It's going to mean a transfer of$10 million in expected profits to the workers. And the world goes wild. Yeah, you announced that change.

42:09Everyone in Detroit knows this the day after. And of course, the workers love it, right? Now, instead of having this turnover problem, people are lining up in hopes of getting a job at the Ford Motor Company. I can imagine leaving the other factories just to get in line because you can double your wage. Amazing. And what's interesting, it's very interesting to see how this plays in the America of 1914. This was a time when, you know, it's before the Russian Revolution. There is rising socialism. And it's unclear how industrial capitalism is going to develop or even whether it's going to keep being capitalism.

42:44And so my favorite response to Ford's$5 day is from the editorial board of the Wall Street Journal. Weirdly enough, the same guys who are on the editorial board today. The actual guys. The actual guys. They're like 257. No, no. But the attitude is the same at the Wall Street Journal. I'll read this. They write that Ford has committed economic blunders, if not crimes. They may return to plague him in the industry he represents, as well as organized society. They're saying it's the end of the world to pay your workers more. They're saying it's the end of the world. That he is giving profits that should rightly go to the owners of capital.

43:23He's giving them to labor. So Henry Ford is this wealthy capitalist who has made capitalists furious. And you know who loves Ford the capitalist at this moment? I'm guessing the communists. The communists. The actual communists. John Reed is a journalist who is going to go on to co-found the Communist Labor Party of America. And he writes that this$5 a day plan that's giving millions of dollars in profits to the workers, he writes that it may be a real menace to capitalism. Essentially the same view of the Wall Street Journal editorial board, but he thinks it's a good idea. I picture John Reed reading the Wall Street Journal and being like, no, that's a good thing.

44:05The destruction of capitalism is what I'm in for. They agree on the probable outcome, and they're both wrong. And, you know, later, a communist or, you know, far-left critique of kind of the center-left is its accommodation. If you're giving workers better conditions under capitalism, you're just prolonging capitalism and postponing the communist revolution. Exactly right. Worked so far. $5 a day is a thing. But you don't just have to be good at your job to get the$5 day. There are these wild, by our contemporary norms, strings attached. And these strings are pulled by Ford's sociological department.

44:49They have a sociological department that is basically the nanny corporation department, the corporate big brother department. to qualify for the$5 a day. You have to refrain from drinking too much alcohol. You're not allowed to have borders in your house. You have to regularly put money in a savings account. And in what really was a progressive stance for the time, you couldn't hit your wife or children. And from Ford's perspective, I mean, this was Ford's personality, but it was also these are all things that can interfere with you speeding up the production line. There is that. But in the same way that when we talked about the idea of the Model T being both a good business idea and reflective of who Ford was, I do think he also had these very, I guess we would call them traditional values that are manifested here.

45:43And in fact, he believed in them so strongly that it wasn't just, you know, that you had to sign something agreeing to do this to go to work at Ford. Ford actually sent inspectors to workers' houses to make sure they were living the way Ford thought they should live. And this wasn't like a secret. Ford was proud of it. There's this magazine story that captures the back and forth. And it has that ring of old magazine stories where it's like, did this really happen or not? But clearly it's some version of what was going on. So in this magazine story, there is a dialogue between a Ford inspector and the wife of a Ford worker when the inspector goes to their house.

46:24So let's do the dialogue. Do you want to be the inspector or the wife? Inspector. Okay, so it starts with you. Does Joel Poliansky live here? Yeah, he lives here all right. What does he do in the evenings? Always home evenings. Goes to bed early. Does he drink? No. What does he do with his money? Does he save any? Sure he saves. Some of it he sends to the old country to help old folks. Some of it's in the bank. This feels like a job interview. Well, now, if Joe should get more wages, what do you think he'd do with it? Save it and buy a house, I guess. That's the correct answer. So something like that happened.

46:58Maybe it wasn't those exact words, but this is what was going on. I'll mention that exchange was reprinted in this recent Ford biography called The People's Tycoon by Stephen Watts. So this feels strange, wildly inappropriate by our norms today. But not any different than drug testing in a factory. Interestingly similar to drug testing. Or in white-collar work, you know, looking at your Twitter feed back years and years to when you were a college student and firing people based on that. Yes, okay. I'd buy it. I'm not saying it's good. I'm just saying to this day, people take an interest in the personal lives of their workers.

47:31More than an interest. They demand certain behaviors outside of work. And people went along with it then as now. So now by 1914, everything is in place. The Model T. The factory, the assembly line, the$5 day. And Ford is about to go parabolic. And everyone will drive a Model T forever after. That's after the break.

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48:45It's built to grow with your business, whether you are just starting out or already scaling up. Plus, it's easy to use, customizable, and designed to streamline every process. So you can focus on what really matters, running your business. Thousands of businesses have made the switch. So why not you? Try Odoo for free at odoo.com. That's O-D-O-O dot com.

49:35kind index and lets you back test it against the S &P 500. Then you can invest in a few clicks. Generated assets are like ETFs with infinite possibilities, completely customizable and based on your thesis, not someone else's. Go to public.com slash podcast and earn an uncapped 1 % bonus when you transfer your portfolio. That's public.com slash podcast. Paid for by public investing. Brokered services by open to the public investing, Inc. Member FINRA and SIPC. Advisory services by public advisors, LLC, SEC registered advisor. Generated assets is an interactive analysis tool. Output is for informational purposes only and is not an investment recommendation or advice.

50:06Complete disclosures available at public.com slash disclosures. Let's talk about modern home shopping. It's sort of become a fun side hobby, right? Scrolling listings at night, dreaming about kitchens you've never seen or backyards you haven't even stepped foot in. All from the comforts of pretty much anywhere. Redfin knows a lot of people like you want to own, but are stuck in this browsing mode loop. That's where Redfin flips the script. With listings that update within minutes and tours you can book right from the Redfin app, you can see your dream home the moment it appears. Now, liking a listing is easy, but actually landing it, that's where Redfin comes in.

50:44Redfin has over 2 ,200 agents with local expertise. And Redfin agents close twice as many deals as other agents. That means they want to help you win, not just window shop. Redfin is built to help you go from just looking to wait. This could actually be home. So become the newest neighbor on the block. Visit redfin.com to start finding and start owning. That's redfin.com.

51:21We're back from the ad. It's time for Ford to take off. Let's do it. In 1914, Ford sells 260 ,000 Model Ts. 260 ,000. In 1923, they sell 2 million. Amazing. Amazing. More than half of all the cars and trucks sold in America are Model T Fords. And the price, by the way, has continued to fall. The car costs like 60 % less at this point than it cost in 1914. And Ford is just pushing this efficiency thing further and further. He gets really into vertical integration at this point, buys coal mines in Kentucky, tries to start a rubber plantation in Brazil. Fordlandia? Fordlandia. There's a book about this.

52:08And closer to home, he enlists a guy named Edward Kingsford to help him buy a forest and set up a sawmill in Michigan. So they got this sawmill going. I guess a lot of wood went into the body of the Model T. And Ford notices that there is all this sawdust that they're not using because it's just sawdust. I love he's touring the factory and looking at the sawdust. On the floor. Yes. Waste. That's perfectly good sawdust. And somebody figures out that just around this time, someone had invented a way to make charcoal briquettes out of sawdust and I think tar and a couple other things. And so Ford's like, let's make a charcoal briquette factory.

52:49And to build this factory next to the sawmill in Michigan, he gets Thomas Edison, his old buddy. Thomas Edison's like, sure, charcoal. I was working on this other thing, but let's go to the charcoal. So they get this charcoal briquette factory going, and they start making Ford brand charcoal briquettes and selling them at Ford dealers. A while later, some years after this, they end up spinning off the Ford charcoal business. Somebody later is like, why are we in the charcoal business? But this charcoal business keeps going on its own, and it is named for the guy who helped Ford set up the mill in the first place, Edward Kingsford.

53:27Kingsford, still by the state. Oxford's still the leading, I think, brand of charcoal in America, if I have it right. So anyway, Ford is now profoundly vertically integrated. He's got all these raw materials. And he builds the biggest factory in the world on the River Rouge in Dearborn, Michigan. And we've talked about this before, the River Rouge plant, which is more like a small city, 2 ,000 acres. You bring in iron ore in one end and cars roll out the other end. It's got power plants. Yeah. A railroad inside. It's 20th century mass production in one place. But this term mass production, it's a little bit of an anachronism applied to this time.

54:07People aren't really using it as a phrase yet. They don't call it mass production yet. They call it Fordism. Fordism. And the 1920s are this era, famously, when mass-produced consumer products are booming. RCA is using Fordism to make radios for the masses. and Hoover's doing it with vacuums. And Ford's name is literally describing the main economic force of the era. The man himself is world famous at this point. He writes an autobiography that's popular. He runs for Senate, although he refuses to campaign. Too busy in the factory. Very old-fashioned. It doesn't win. Aljus Huxley publishes Brave New World, a book I read in high school, you know, about a dystopian consumerist society around this time.

54:52And in that book, the society in that book, They start their calendar with the introduction of the Model T, the year of our Ford. Clever. Very clever. And the New York Times runs a special section with this banner headline about the net worth of Henry Ford. It says, Ford's billion breaks world record. No man in history ever had wealth as vast as his. Rockefeller, his nearest rival, now ranked far behind. Ford's next move, a billionaire move we have become familiar with in recent years, gets into the media business, buys this struggling newspaper called the Dearborn Independent, and starts paying to distribute it nationally as a way to disseminate his ideas.

55:33It's why a lot of billionaires get into the media business. And this we also talked about in our Volkswagen story, because the most famous thing by far that the paper published under Ford's ownership was a series called The International Jew. Sounds bad. Sounds bad. Yeah, they published it as a book, and they called it The International Jew, The World's Foremost Problem. Foremost problem. Not just a problem. It wasn't among the world's foremost problems. And as we mentioned, Hitler loved this book. Hitler loved the book. And put a picture of Henry Ford on his wall. Stick with the business and the factories, Henry Ford.

56:13I wish he had done that. But in the 1920s, you can publish this book and it can be not the main thing about you. You can be Henry Ford, industrial genius, who just happens to believe that the Jews are the world's foremost problem. So as the 1920s are going on, the companies who are selling the other half of cars in America. Ford's competitors, Chrysler and General Motors, we'll talk about next week. They are, of course, adopting Fordism. They're adopting mass production. And also in the 1920s, this new era of mass production is transforming consumption. It's changing the way Americans think about stuff and buying stuff and borrowing money to buy stuff.

57:05It is in some ways the first great era of mass consumption. And Ford had created this era, but he didn't really understand it. And because he didn't understand it, he was going to get left behind. Next week on the show, how Alfred Sloan and General Motors beat Henry Ford. Thanks everyone for sending notes to us about the show with suggestions of episodes you want to hear. We got an episode suggestion about the ancient world, which we would love to tackle. Yeah. Railroads is another one that we will definitely do. More than one episode. And it does really make me happy reading these emails. Please keep writing to us.

57:48We're at businesshistory at pushkin.fm. And I'm on Twitter at Jacob Goldstein. And I'm also on LinkedIn. I'm at Radio Smith in most places. Today's show was run and edited by one Ryan Dilley, produced by Mr. Gabriel Hunter Chang, and engineered by Ms. Sarah Bouguer. Nice. I like the honorifics. I'm Mr. Jacob Goldstein. I am Sir Robert Smith. Thanks for listening. This is Chelsea Handler from Dear Chelsea. After the big game, like most people, I kept thinking about the commercials, and there was one that stayed with me. It was from the Blue Square Alliance Against Hate, and it wasn't loud or flashy.

58:25It showed a Jewish kid being targeted at school and another student who chose not to ignore it. As someone who is Jewish, that moment felt very real to me. Not dramatic, just familiar. And what struck me was how clearly it showed that hate doesn't always announce itself. But the impact is still huge. If you saw the blue square spot during the big game, it's worth thinking about. And if you want to show support, sharing the blue square is one small way to do that. Janice Torres here. And I'm Austin Hankwitz. We host the podcast Mind the Business Small Business Success Stories produced by Ruby Studio in partnership with Intuit QuickBooks.

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