Word: mass
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Dates: during 1990-1999
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...commerce, or retailing on the Internet--a subject fresh on the minds of shoppers and investors this holiday season. Internet consumers will buy $3.5 billion worth of goods in the last three months of this year, and $7.8 billion for the year, according to Forrester Research of Cambridge, Mass. That's a thin slice of the overall retailing pie, but it's growing fast--projected to reach $32 billion in five years...
...First it was driven mainly by industrial production, then by service industries and now by information and knowledge. You can also see how centuries are affected by technological advances. The 19th century produced the railroads, the telephone and electricity. The five most important ones of this century are the mass-produced automobile, the airplane, television, the computer and the Internet. (Be sure to see our gatefold of great products on page 139 and our time line on page...
...there is, to me, an even more fascinating evolution. Starting with Ford's assembly line, the 20th century was the first in human history that was shaped by mass manufacturing. Instead of the tailored and crafted products of previous centuries, we were blessed (and sometimes cursed) with products that were mass-produced based on standardized designs, mass-marketed through new forms of mass media and spewed forth in cookie-cutter form from big factories and studios. This included not only consumer goods like Ford's cars, but everything from William Levitt's suburban homes to David Sarnoff's nationally broadcast...
...money and acumen needed to launch the prototypes of modern industrial corporations. Under Morgan's leadership, this century began much as the 19th century ended, with heavy industry--steel, rails, electricity, and oil--ascendant. Automobiles were in short supply until 1913, when Henry Ford introduced the assembly line and mass production, making ours a consumer as well as an industrial society. As the century progressed, the service economy began to compete with industry as fortunes were made in soft drinks (Coca-Cola), processed foods (Heinz), insurance (Travelers, AIG) and retail (Sears, Wal-Mart). The information age began in the 1920s...
Ford instituted industrial mass production, but what really mattered to him was mass consumption. He figured that if he paid his factory workers a real living wage and produced more cars in less time for less money, everyone would buy them...