1)
In 1914, Henry Ford raised the pay for his auto workers to $5 to work for eight hours in a day. Previously, most workers
had been paid only $2.34 to work for nine hours. Ford started this practice because he hoped to reduce worker
turnover and encourage workers not to join labor unions. This approach by Ford and other corporations became known
as

This approach by Ford and other corporations are known as  Welfare capitalism.

Explanation:

Welfare capitalism is widely practiced in many companies to provide welfare benefits to their employees. Under this approach, the employees were offered with higher wage, housing facility and establishing sports club for them.

Industrialists believe that higher payment can encourage the employee in doing more work. So the workers are motivated with higher wages to work harder. Henry Ford followed this method in 1914. They increased the wages of their employees and reduced their working time too. The company followed this approach to avoid formation of the labor unions

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