Henry Ford on Crony Capitalism

Ford has been criticized for some of his views, but he did get some things right, including this critique of crony capitalism from 1926.

“ Business— that is, the whole material side of life— is threatened by [ the merger of] two classes of people who… [ describe themselves] as in opposition, but who actually have a common cause— the professional financier and the professional reformer….The true course of business is to follow the fortunes and pursue the service of those who had faith in it from the beginning— the public. If there is any saving in manufacturing cost, let it go to the public. If there is any increase in profits, let it be shared with the public in lowered prices. If there is any improvement in the commodity, let it be made without question, for whatever the capital cost, it was first the public that supplied the capital. That is the true course for good business to steer, and it is good business, for there is no better partnership a business can enter than a partnership of service with the people. It is far safer, far more durable, and far more profitable than a partnership with a money power.”

This article was originally posted here: https://www.ac2news.com/2021/02/henry-ford-on-crony-capitalism/.