Summary of Arthur Herman's Freedom's Forge , livre ebook

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44 pages

English

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Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 In early February 1900, the SS Norge arrived in New York harbor, carrying five hundred Norwegian, Swedish, and Danish passengers. The ship was carrying young William McKinley, the president. Theodore Roosevelt, the governor of New York, had signed a treaty for building a canal from the Atlantic to the Pacific.
#2 Knudsen was a skilled mechanic, and he knew America was the place where he could flourish. So he set off for New York, with his suitcase and thirty dollars stuffed in his pocket. He landed a job not far from where he had disembarked, in the Seabury shipyards in the Bronx’s Morris Heights.
#3 Knudsen spent years working with machine tools and steel alloy, and in 1911 he was hired by Ford to help build the Model T. He was shocked to find all the machines idle one morning, as Ford had already sold the company.
#4 Ford’s Model T was made up of nearly four thousand parts. Eight years earlier, Walter Flanders, a veteran machinist, had shown Ford the value of making as many parts as possible interchangeable. He had learned other things at Keim, especially from its manager William Smith.

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Economic history

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Publié par	Everest Media LLC
Date de parution	06 avril 2022
Nombre de lectures	0
EAN13	9781669380740
Langue	English
Poids de l'ouvrage	1 Mo

Informations légales : prix de location à la page 0,0150€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

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Insights on Arthur Herman's Freedoms Forge
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3 Insights from Chapter 4 Insights from Chapter 5 Insights from Chapter 6 Insights from Chapter 7 Insights from Chapter 8 Insights from Chapter 9 Insights from Chapter 10 Insights from Chapter 11 Insights from Chapter 12 Insights from Chapter 13 Insights from Chapter 14 Insights from Chapter 15 Insights from Chapter 16 Insights from Chapter 17 Insights from Chapter 18
Insights from Chapter 1

#1

In early February 1900, the SS Norge arrived in New York harbor, carrying five hundred Norwegian, Swedish, and Danish passengers. The ship was carrying young William McKinley, the president. Theodore Roosevelt, the governor of New York, had signed a treaty for building a canal from the Atlantic to the Pacific.

#2

Knudsen was a skilled mechanic, and he knew America was the place where he could flourish. So he set off for New York, with his suitcase and thirty dollars stuffed in his pocket. He landed a job not far from where he had disembarked, in the Seabury shipyards in the Bronx’s Morris Heights.

#3

Knudsen spent years working with machine tools and steel alloy, and in 1911 he was hired by Ford to help build the Model T. He was shocked to find all the machines idle one morning, as Ford had already sold the company.

#4

Ford’s Model T was made up of nearly four thousand parts. Eight years earlier, Walter Flanders, a veteran machinist, had shown Ford the value of making as many parts as possible interchangeable. He had learned other things at Keim, especially from its manager William Smith.

#5

Knudsen, the man who would figure out how to make Ford’s assembly line work, learned many economic lessons from his mentor, Bill Smith. The key to mass production was not uniformity or even speed, but creating a continuous linear sequence that allowed every part to be fitted where and when it was needed.

#6

Knudsen and Kahn made the Ford emblem a symbol of America’s industrial might. They had triggered a second industrial revolution based on mass production, which lowered costs by making more, not fewer, of a product.

#7

Knudsen had some sketches made for a new car design, and showed them to Ford. They could begin production at the River Rouge plant where they had built the Eagle boats, while finishing up the Model T line at Highland Park before converting over to the new car there. Ford looked over the drawings, and noted that it was heavier than the Model T.

#8

Alfred P. Sloan, the new executive vice president of General Motors, was intrigued by the news of Knudsen’s resignation. He had always been fascinated with machinery, and he thought Knudsen might be the man to help out with the company’s problems.

#9

To make his dream come true, Durant bought up every company connected with making automobiles he could and made them part of General Motors. He gave each separate division of the company as much freedom as possible, and kept overall control strictly limited.

#10

Sloan picked Knudsen to be the new head of GM, because he could make anything out of metal. He had developed his own design of muffler that could be assembled from its simple parts in less than two minutes.

#11

The 1920s was the era of Jazz Age parties, flappers, gangsters, and bathtub gin. For Sloan and Knudsen, it was an era of nine- to ten-hour workdays six days a week, of pouring over piles of balance sheets and inventory lists, and of long phone calls with suppliers and distributors.

#12

Knudsen turned around the company, and in just a few years, Chevrolet sales and income skyrocketed.

#13

Knudsen wanted one Chevrolet to sell for every Ford Model T. He launched the new Chevrolet in September 1925, and it was a hit. The goal of vun for vun didn’t seem so far-fetched after all.

#14

Knudsen’s strategy of decentralizing the production of Chevy cars allowed the company to respond to changes in engineering demands more quickly. The 1927 Chevrolet was the car that finally forced Henry Ford to abandon the Model T for a new car, the Model A.

#15

Sloan’s approach to management was to centralize and regiment, whereas Knudsen’s was to decentralize and free enterprise. By 1937, Knudsen’s approach had saved General Motors.
Insights from Chapter 2

#1

Henry Kaiser was the Thomas Edison of photography. He was born in 1882, and grew up with the dream of becoming the Edison of photography. He was the youngest child of a German immigrant shoemaker, and he embodied the opposite of what Edison was supposed to be. He was restless, hilarious, and relentlessly curious.

#2

Henry Kaiser was a photographer in Lake Placid, NY, who had a very successful business selling tourists rolls of film and then developing their snapshots. He sold a chunk of his studio and used the five thousand dollars to try to establish his own chain of retail camera stores.

#3

Henry Kaiser was as much a foreign immigrant as William Knudsen had been when he stood on the deck of the SS Norge. He had come to Spokane, a rollicking boom town, to look for a job. He eventually found one with James C. McGowan, owner of McGowan Brothers Hardware.

#4

Henry Kaiser, after just ten months in Spokane, had transformed his fortunes. He and Bess bought three lots to build a larger house, with spectacular views of downtown and the Spokane River, in 1910. In 1913, he was fired from his company. He started his own company in the field that was becoming wildly popular with other would-be entrepreneurs in the West: building highways.

#5

Kaiser was able to get a $25,000 loan from a Canadian banker to start his road contracting business. He soon paved other streets and roads in Vancouver, and was able to get local politicians to give him the next paving job.

#6

Between 1916 and 1921, Kaiser Paving laid some eighty miles of highway roads in Washington State, and almost the same in Oregon.

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