Impact Of Post-Fordism On Economic Development

998 Words4 Pages
Introduction Fordism and Keynesianism were the dominant economic theories and drivers of economic strategy since Henry Ford introduced his new mass production theories in the 1890’s. Ford reinvented the production process through his mass production lines where everything was homogenous. It meant that goods could be mass-produced and therefor were much cheaper to make and to purchase, however everything was the same and customers had no choice in what they could buy. This brought about the birth of the Post-Fordist era and neoliberalism. It became the dominant system of economic production, consumption and associated socio-economic phenomena, in most industrialized countries since the late 20th century. Post-Fordism can be characterized by a number of specific attributes which distinguish it from classic Fordism, such as; small batch production, economies of scope as opposed to economies of scale, specialized products and jobs, new information technologies, emphasis on consumers, a more feminist workforce and the rise of services and the white collar workforce (Hall, 1988). The changing times, cultures and desires of the economy were the major drivers towards the new Post-Fordist system of economic production and this has influenced recent theories of regional development. With a new focus on specialist production, differentiation and technology the old mass production lines had to be reinvented. To fully understand what kind of impact Post-Fordism had on regional
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