Henry Ford’s Capitalism
Ford argued that high wages were essential for economic and moral reasons. As he wrote in his autobiography: What good is industry if it be so unskillfully managed as not to return a living to everyone concerned? No question is more important than that of wages — most of the people of the country live on wages. The scale of their living — the rate of their wages — determines the prosperity of the country.
Christensen’s new work, The Capitalist’s Dilemma, is fascinating. Capital today is not doing the good for society that it once did – because capitalists are acting as though capital was scarce.
Here we see that Ford recognized that the purpose of capital was to create new markets and enrich society, not just the capitalist.