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What is Fordism?

What is Fordism? Here are some definitions.

Noun
  1. An economic and social system based on industrial mass production, where the worker is paid relatively high wages in order to buy in large quantity the products turned out in mass production.
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Examples
In fact, as will become clear, this is a moment of theoretical reaction and response to the crisis of Fordism.
Despite the great enthusiasm for American methods, Fordism, as it was becoming known, did not take root in Germany.
With the crisis of Fordism came the end of us economic supremacy and of a joint political US-USSR condominium.
The craft unions lost their strong position in the labour market in the wake of Taylorism and Fordism.
The former phenomenon-the industrialisation of culture-emerged as a process with the rise of Fordism.
The development of the welfare state based on Fordism was supported by mass consumerism to stimulate growth.

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