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This relationship is the foundation for the argument, made by some trade unionists and labour advocates, that high wages can actually be "good for business". The precedent set by Henry Ford in 1914, who offered workers $5.00 per day (a very high wage at the time) so they could afford to buy the same cars they made, is often invoked.
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Part 3, Chapter 13, Employment and Unemployment, p. 158

 

Jim Stanford

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Henry Ford, in a sense, was the first Keynesian. He paid his assembly workers high wages so they could afford to buy his cars.

 

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The working classes may be injuriously degraded and oppressed in three ways:
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