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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
With the crisis of Fordism came the end of us economic supremacy and of a joint political US-USSR condominium.
For one thing, I remain unconvinced that it was the welfare state that was central to Fordism.
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 so-called crisis of Fordism should be seen as a crisis of international regulation.
Very similar points can be made about the relation between Fordism and Total Quality Management.

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