For this Day:

;

Economic blunder?

"It is our belief that social justice begins at home. We want those who have helped us to produce this great institution and are helping to maintain it to share our prosperity. We want them to have present profits and future prospects. ... Believing as we do, that a division of our earnings between capital and labor is unequal, we have sought a plan of relief suitable for our business."

-James Couzens, Ford Motor Company treasurer, announcing the doubling of wages to $5/day on Jan 5, 1914

[The Wall Street Journal said it is "to apply biblical or spiritual principles into a field where they do not belong ... (Ford has) committed economic blunders, if not crimes." Ford actually doubled its profits in two years.] 

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