FordismFordism is an industrial engineering and manufacturing system that serves as the basis of modern social and labor-economic systems that support industrialized, standardized mass production and mass consumption. The concept is named after Henry Ford. It is used in social, economic, and management theory about production, working conditions, consumption, and related phenomena, especially regarding the 20th century. It describes an ideology of advanced capitalism centered around the American socioeconomic systems in place in the post-war economic boom.
CapitalismCapitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, property rights recognition, voluntary exchange, and wage labor. In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.
Mass productionMass production, also known as flow production or continuous production, is the production of substantial amounts of standardized products in a constant flow, including and especially on assembly lines. Together with job production and batch production, it is one of the three main production methods. The term mass production was popularized by a 1926 article in the Encyclopædia Britannica supplement that was written based on correspondence with Ford Motor Company.
Industrial RevolutionThe Industrial Revolution, also known as the First Industrial Revolution, was a period of global transition of human economy towards more efficient and stable manufacturing processes that succeeded the Agricultural Revolution, starting from Great Britain, continental Europe, and the United States, that occurred during the period from around 1760 to about 1820–1840. This transition included going from hand production methods to machines; new chemical manufacturing and iron production processes; the increasing use of water power and steam power; the development of machine tools; and the rise of the mechanized factory system.
ParisParis (ˈpærɪs; paʁi) is the capital and most populous city of France, with an official estimated population of 2,102,650 residents as of 1 January 2023 in an area of more than , making it the fourth-most populated city in the European Union as well as the 30th most densely populated city in the world in 2022. Since the 17th century, Paris has been one of the world's major centres of finance, diplomacy, commerce, culture, fashion, gastronomy and many areas.
StandardizationStandardization or standardisation is the process of implementing and developing technical standards based on the consensus of different parties that include firms, users, interest groups, standards organizations and governments. Standardization can help maximize compatibility, interoperability, safety, repeatability, or quality. It can also facilitate a normalization of formerly custom processes.
Second Industrial RevolutionThe Second Industrial Revolution, also known as the Technological Revolution, was a phase of rapid scientific discovery, standardization, mass production and industrialization from the late 19th century into the early 20th century. The First Industrial Revolution, which ended in the middle of the 19th century, was punctuated by a slowdown in important inventions before the Second Industrial Revolution in 1870.
Fourth Industrial RevolutionThe Fourth Industrial Revolution, 4IR, or Industry 4.0, conceptualises rapid change to technology, industries, and societal patterns and processes in the 21st century due to increasing interconnectivity and smart automation. The term was popularised in 2016 by Klaus Schwab, the World Economic Forum founder and executive chairman, and has since been used in numerous economic, political, and scientific articles in reference to the current era of emerging high technology.
Colonial exhibitionA colonial exhibition was a type of international exhibition that was held to boost trade. During the 1880s and beyond, colonial exhibitions had the additional aim of bolstering popular support for the various colonial empires during the New Imperialism period, which included the scramble for Africa. The first colonial exhibition, in Victoria, Australia, in 1866, was the progeny of 25 years of similar exhibitions, also held in Melbourne, in which other colonies within the Australian continent participated.
