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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
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 so-called crisis of Fordism should be seen as a crisis of international regulation.
The development of the welfare state based on Fordism was supported by mass consumerism to stimulate growth.
Very similar points can be made about the relation between Fordism and Total Quality Management.
The former phenomenon-the industrialisation of culture-emerged as a process with the rise of Fordism.

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