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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
The craft unions lost their strong position in the labour market in the wake of Taylorism and Fordism.
Techniques of industrial mass production, also known as Fordism, created mass consumption, even though very unevenly.
The development of the welfare state based on Fordism was supported by mass consumerism to stimulate growth.
Fordism had an external method of putting on pressure to increase production: the foremen.
The former phenomenon-the industrialisation of culture-emerged as a process with the rise of Fordism.
For one thing, I remain unconvinced that it was the welfare state that was central to Fordism.

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