nimum daily wage of workers to $5.00 from the $2.34 for a 9-hour shift that was the average in the auto industry; he also reduced the workday to 8-hour shifts.4 The Wall Street Journal called Ford's action "an economic crime" because no one could make that much money without a significant amount of training or education. Critics worldwide called it "Fordism," not meant as a compliment.5 Iacocca observed that what the critics of the day failed to understand was that Ford had lowered his costs of building each car so the wages didn't really matter, in fact, the increase in daily wage made it possible for more people to buy cars.
             Ford and his investors formed the Ford Motor Company in 1901.6 The first Model A was sold within a month of the company being established. The car was built by ten workmen in a converted wagon factory in Detroit. During the next fifteen months, 1,700 Model A's were sold.7 He kept improving the car, using the letters of the alphabet for each new design. The first Model T came out of the factory in 1908; it cost $850 and 10,660 cars were sold that first year; the Model T had a top speed of 45 miles per hour and it averaged 25 miles to the gallon; it had a 20-horse-power engine, side-valve, 4-cylinders, and 18-inch wheels with cotton cord tires.8 There was no gas gauge, the driver had to check how much gas was left with a wooden stick lowered into the gas tank. Window wipers were hand operated. The sides of the car were open. The only color available was black
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