The late British billionaire Sir James Goldsmith observed how radically
global capitalism has shifted, from its Fordist strategy of paying
high wages to build the domestic market to seeking the lowest wages
available anywhere on the globe. The earlier model of capitalism also partially accepted the notion that the economy was an instrument of meeting society's needs, rather than acting as the master of society:
In the great days of the USA, Henry Ford stated that he wanted to pay high wages to his employees so that they could become his customers and buy his cars. Today we are proud of the fact that we pay low wages.
We have forgotten that the economy is a tool to serve the needs of society, and not the reverse. The ultimate purpose of the economy is to create prosperity with stability.