Bilindustrin Tiden av 1900-talet bevittnade bilindustrins daggryning. Tinkering av cykel-, motorcykel-, buggy - och maskinföretagare i Europa och USA ledde till de första prototyperna av bilar i slutet av artonhundratalet. Franska träbearbetningsmaskiner tillverkare Rene Panhard och Emile Levassor byggde sin första bil år 1890 med en motor utformad i Tyskland av Gottlieb Daimler och Wilhelm Maybach. Armand Peugeot, en fransk cykelmakare, licensierade samma motor och sålde sina första fyra lätta bilar 1891. Den tyska maskinisten Carl Benz följde nästa år med sin fyrhjuliga bil och år 1893 byggde Charles och Frank Duryea den första bensindrivna bilen i USA. Ransom Olds krediteras som den första massproducenten av bensindrivna bilar i USA, vilket gjorde 425 x 201C Curved Dash Olds x201D 1901. Den första bensindrivna japanska bilen gjordes 1907 av Komanosuke Uchiyama, men det var först 1914 att Mitsubishi massproducerade bilar i Japan. Varje region i triaden x2014 Nordamerika. Europa och Asien x2014 har gjort betydande bidrag till process, produkt och organisation under hela tjugonde århundradet. Dessa innovationer har tillsammans skapat den konkurrenskraftiga strukturen för fordonsindustrin som finns idag. Organisationen av produktionsingångar x2014 såsom arbetskraft och leverantörer av komponenter och material x2014 samt konfiguration av distributionskanaler är också viktiga dimensioner av branschens tillväxt och utveckling. Vidare bildar olika krafter utanför branschen branschstruktur och strategier: handel strömmar regional och internationell kapitalrörelse regional och global politik för handel, miljöreglering och immateriella rättigheter, särskilt i tillväxtnära ekonomier och infusion av informationsteknik under upphandling, produktion , och distributionssystem. Bilindustrin är dynamisk och stor, står för ungefär en i tio jobb i industriländer. Utvecklingsländerna ser ofta till sin lokala bilindustri för ekonomiska tillväxtmöjligheter, särskilt på grund av de stora kopplingar som bilindustrin har till andra sektorer i sin ekonomi. Bilindustrin har gått igenom flera steg: (1) hantverksproduktion (1890-1908), där dussintals småföretag vowed att etablera en standardprodukt och process (2) massproduktion (1908-1973), utfälld av Henry Ford x2019 s rörliga monteringslinjer, som blev branschens standardmekanism och (3) magert produktion (närvarande 1973 x2013), som ursprungligen utvecklades i Toyota under ledning av Taichi Ohno under 1950-talet, och som införde en revolutionerande process för hantering av produktutveckling och produktion. Mekanisering av automatisk produktion har också förändrats under det senaste århundradet, vilket ledde till behovet av snabbare och billigare produktion på utbudssidan av industrin. Ford x2019 s massproduktionssystem åberopade standardiserade konstruktioner för att möjliggöra konstruktion av monteringsanläggningar som var helt automatiserade och använda utbytbara auto delar. I sin högtidstid, mellan 1908 och 1920, förenklade Ford monteringsprocessen till den punkt där det tog drygt en och en halv timme att producera en bil. Genom att ställa in industristandarden för produktion möjliggjorde Ford att ta ledningen i marknadsandel, men det ledde också till en självständig tankegång som hindrade innovation. På 1920-talet förbättrade General Motors på Ford x2019s monteringsprocess genom att införa flexibilitet i produktionssystemet, vilket möjliggör snabbare övergångar från en modell till nästa. Det tog emellertid ett halvt århundrade efter att Ford slutat massproducerande Modell T x2019 s 1927 för ett annat produktionsparadigm att framstå som standard i den globala fordonsindustrin. Toyota x2019 s magert produktionssystem x2014 som hade sin början 1953 x2014 körde produktiviteten till nya höjder genom att byta x201C push x201D-systemet med ett x201C pull x201D-system. I stället för att producera massmängder fordon och driva dem till återförsäljare för att sälja till kunder eller hålla som inventarier, drog mager systemet fordon genom produktionsprocessen baserat på omedelbar efterfrågan och minimerade lager hos leverantörer, montörer och återförsäljare. Just-in-time produktion gav också ett större ansvar för produktdesign, kvalitet och leverans till montagearbetare och leverantörer än massproduktionssystemet. Leverantörerna var inte vertikalt integrerade i auto assembler-operationer, utan snarare nätverksbundna till montörerna via långsiktiga kontrakt. Detta totala system för kostnadsminimering och lyhördhet gentemot kundernas krav revolutionerade automatisk tillverkning på global nivå, även om modellen har anpassats till regionala förhållanden. Produktinnovation inom bilindustrin har främst varit ett svar på kundernas krav, även om produktplacering är en kritisk strategisk variabel för bilproducenter. Ända sedan General Motors började producera olika typer av fordon för olika produktsegment, varigenom styrelsen av Ford x2019 s lågprissättning, monokromatisk Modell T, har förmågan att variera produkter i flera dimensioner varit den huvudsakliga strategiska variabeln för autoproducenter. Amerikanska biltillverkare har huvudsakligen varit mottagliga för kunderna x2019 önskemål för komfort, hastighet och säkerhet, och har utvecklat robusta drivtåg, plyscha suspensioner och interiörer samt snygga chassi och kroppar. Däremot har europeiska bilproducenter fokuserat sina uppmärksamhet på prestanda och smidighetsegenskaper hos fordon, såsom stålbältesradialdäck, skivbromsar, bränsleinsprutning och turbodieselmotorer. För japanska tillverkare bestämmer miniatyriseringskulturen och bristen på bränsle, material och utrymme i stor utsträckning specifikationerna för bilar. Organisationsinnovationer har också inträffat under det senaste århundradet. I samverkan med introduktionen av massproduktionsteknik kom den vertikala organisationen av produktionsprocesser. Auto-montörer internaliserade produktionen av kritiska komponenter för att minimera transaktionskostnaderna i samband med sena leveranser och produkter som inte tillverkades enligt exakta specifikationer. Till exempel minskade andelen av komponenter köpte från externa leverantörer i förhållande till grossistpriset på en amerikansk bil från 55 procent 1922 till 26 procent år 1926. Under den stora depressionen. Denna benägenhet att internalisera produktionen underlättas, med leverantörer att få oberoende och betydelse på marknaden för reservdelar. Bilverkstad fann att en högt vertikal organisationsstruktur inte möjliggjorde den flexibilitet som krävs för produktinnovation. På 1930-talet gav Ford x2019s vertikalt integrerade och centralt kontrollerade organisationsstruktur väg till den multidivisionella organisationsstruktur som implementerades av Alfred Sloan hos General Motors Corporation (GM). Sloan x2019 s decentraliserad konfiguration av GM främjade en oberoende miljö för utveckling, produktion och försäljning av en mängd olika fordon. Med den magra produktionsrevolutionen kom införandet av organisatorisk reform som kallas det utvidgade företagsystemet. Även om japanska biltillverkare etablerat och diffunderade effektiva mekanismer för supply chain management i hela branschen, krediteras Chrysler Corporation med framgångsrikt genomförande av dessa innovationer på den amerikanska platsen. Rivalitet bland montörer inom bilindustrin, som en gång innehas inom nationella gränser, har utvecklats till global konkurrens. Första movers etablerade marknadsdominans i början av 1900-talet, och deras varumärken är fortfarande mest erkända av konsumenter idag. Det faktum att bilproducenter väljer marknadsstrategier utifrån vad deras konkurrenter gör är att det här är en oligopolistisk industri. Det som är intressant här är att marknadsledningen är dynamisk. Det är inte en förutsättning att General Motors eller Toyota eller DaimlerChrysler kommer att bli morgondagens marknadsledare. Innan industristandarder för produkter och produktion upprättades fanns hundratals automakers, som vittnade om att etablera en strandhane i branschen. I USA såg till exempel år 1909 det största antalet automakers i drift under ett visst år x2014 272 företag. Det beräknas att under de första tjugo åren av branschen x2019 s existens, över fem hundra företag gick in i industrin i USA ensam. 1920-talet gav en våg av utfällda utgångar av biltillverkare, med många företag som slog samman till mer lönsamma företag. På 1930-talet blev General Motors marknadsledande, med Ford glider till andra plats på grund av en årlig övergång i produktion från modell T till modell A. 1937 General Motors, Ford och Chrysler x2014 länge refererade till som Big Three x2014 hade 90 procent av den totala försäljningen på den amerikanska marknaden och bildade ett dominerande fast oligopol (General Motors stod för 44,8, Chrysler 25 och Ford 20.5). Vid 1960-talet stannade endast sju inhemska bilproducenter. I slutet av 1990-talet tog Japanska biltillverkare över en fjärdedel av USA-marknaden och Big Three-marknadsandelarna sjönk under 70 procent. Idag finns det bara två och en halv amerikanska automakers x2014 General Motors, Ford och DaimlerChrysler x2014 som gemensamt fångar 58,7 procent av den amerikanska marknaden. GM har fortfarande den största delen av den amerikanska marknaden (27,3), men Toyota x2019s marknadsandel i Förenta staterna är bara en procentenhet under Chrysler x2019 s (13). I hela världen har marknadskoncentrationen minskat sedan mitten av 1980-talet, med deltagare som HyundaiKia utspädning av den kollektiva marknadsandel som dominerande biltillverkare innehar. Marknadsrationalitet inom bilindustrin fokuserar på två strategiska variabler: (1) produktsortiment och kvalitet, och (2) transaktionspris, vilket manipuleras för att öka försäljningen. Spänningen mellan aktieägarna handlar om kortfristig lönsamhet och ett företag x2019 s önskan om långsiktig lönsamhet är palpabel. Biltillverkare måste attrahera och upprätthålla en solid kundbas, bygga trovärdighet till varumärke i syfte att maximera lönsamheten på lång sikt. Att upprätthålla höga återköpskurser för kunder är avgörande för långsiktig lönsamhet i branschen. Därför försöker biltillverkare att locka och behålla kunder från inköp av deras första bil i sina sena tonåren fram till pensionering och därefter. Produktsortimentet hos alla stora biltillverkare spänner över hela spektret från små till fullstora bilar, även om vissa biltillverkare är bättre kända i specifika marknadsnischer. Mercedes, BMW, Lexus, Infiniti och Acura tar till exempel en tredjedel av den exklusiva marknaden i USA, medan Buick, Ford, Mercury och Toyota är kända för sina familjeformade traditionella bilar. Nyckelfärdig tillförlitlighet är kännetecknet för japanska märken, medan Ford, Chevrolet och Toyota vädjar till köpare av små eller sportiga fordon. Det snabbast växande marknadssegmentet i USA de senaste åren har varit sportfordonsfordon (SUV). I början av 2000-talet fångade SUV 55 procent av fordonsförsäljningen. Bilproducenter har använt olika sätt att utveckla en komplett produktlinje för ett brett spektrum av kunder. Till exempel har GM historiskt använt förvärv eller aktieinnehav för att erbjuda en mängd olika märken x2014 inklusive Chevrolet, Oldsmobile, Pontiac, Buick, GMC och Cadillac. I slutet av 1970-talet köpte GM köpte aktier i Suzuki och Isuzu delkompakter och importerade dessa fordon, delvis för att uppfylla kraven på företagens genomsnittliga bränsleeffektivitet. Ford-Mercury-Lincoln har under senare år diversifierat sin portfölj genom att förvärva Volvo och Jaguar. Toyota, Honda och Nissan inledde en smart marknadsföringskrig på 1980-talet som syftade till att sälja lyxbilar i Förenta staterna: De heter deras lyxmärken Lexus, Acura och Infiniti, trots att dessa bilar är byggda på samma plattformar som deras andra fordon. Produktkvaliteten har konvergerat över tiden. Så sent som 1998 hade europeiska och japanska tillverkare färre fordonsfel än genomsnittet för bilar under de första månaderna på vägen, medan amerikanska och koreanska bilar hade mer brister än genomsnittet. År 2004 var fordon från alla fyra regioner inom tio fel per hundra fordon i genomsnittet, vilket hade fallit från 176 till 119 defekter per hundra fordon. Intressant, både japanska och sydkoreanska nykomlingar överträffade amerikanska och europeiska fordon på denna kvalitetsskala. För att locka kunder till ett varumärke används små bilar ibland som en förlustledare, det vill säga att ett företag säljer sitt lågprisbil till ett pris under fakturan, samtidigt som man återvinner stora avkastningar på SUV, lyxmärken och specialbilar. En annan prissättningsstrategi som ofta används av biltillverkare att rensa varulager och att få kunden i dörren är diskontering. Vid speciella tider av modellåret (som vanligtvis börjar i oktober och slutar i september det följande året) används direkta sammansättningar till kundrabatter och rabatter från kund till kund för att anpassa transaktionspriserna till ebbs och flöden i efterfrågan . Om det revolutionära dragsystemet blir genomgripande inom bilindustrin, skulle behovet av att hantera varulager genom årets diskontering kunna bli föråldrad. Produktpositionering kommer emellertid att fortsätta att vara en viktig konkurrensvariabel för bilproducenter, eftersom demografiska attribut drev kundernas behov och önskemål. Billeverantörer har fått global betydelse inom bilindustrin och tar det primära ansvaret för produktutveckling, konstruktion och tillverkning för vissa kritiska system i bilen. I dess första utvecklingsstadium bestod bilindustrin av auto-montörer som integrerat delproduktion i företaget. Oberoende bildelarstillverkare levererade huvudsakligen eftermarknadsdelar. Under det tjugonde århundradet har denna vertikalt integrerade strukturen inom montörer ersatts av en mer nätverksinriktad tierstruktur. Här samordnar samordnare design - och produktionsinsatser med främsta leverantörer av förstklassiga leverantörer, medan dessa leverantörer är ansvariga för global samordning av utbudet av deras underenheter och för samordning av produktion av delleverantörer. Således har förstegångsleverantörer varit konkurrerande bilproducenter i marknadsmakt och i andel av mervärde till ett visst fordon. Även om det förefaller osannolikt att sådana leverantörer kommer att utvecklas till kompletta fordonstillverkare, går vinsten från försäljningen av ett fordon till leverantören och bort från den traditionella monteraren. Bilhandlare står därför inför en stark rivalitet både från andra biltillverkare och från dominerande leverantörer. Endast ett fåtal få leverantörer har uppnått x201C sann global kompetens x201D vid tillverkning av bilsystem, men industrin trenden pekar i den riktningen. X201C Intel Inside x201D-fenomenet ses med datorer x2014 där leverantörens x2019s varumärkesidentitet är avgörande för försäljningen av slutprodukten x2014 har ännu inte tagit över bilindustrin, även om x201C Hemi Inside x201D kan vara ett framväxande exempel. När tillverkningsmomentet skiftades mot leverantörer av auto delar, så var andelen arbetskraft. Sedan början av 1960-talet har den totala sysselsättningen i den amerikanska bilindustrin varierat mellan 700 000 och drygt 1 miljon arbetare. Fram till mitten av 1980-talet använde auto-montörer majoriteten av dessa arbetstagare, men från och med dess har sysselsättningsandelen för leverantörer av fordonsdelar i USA konsekvent varit större än andelen arbetare på monteringsanläggningar. Mellan 1987 och 2002 minskade andelen sysselsättning inom bilindustrin på monteringsanläggningar från 44 procent till 36 procent, medan andelen arbetstagare hos billeverantörer ökade från 46 procent till 54 procent. Lägg till den här förändringen inflödet av främst icke-fackförenade fordonstransplantationer (utländska leverantörer och montörer), outsourcing av delar och montering till utländska nationer och den allmänna sektorsskiftet från tillverkning till tjänstesektorn, och det är tydligt att 1980-talet markerade en vändpunkt för arbetskraft i den amerikanska bilindustrin. Arbetsföreningar som representerar bilförare i Förenta staterna har varit tvungna att väva en myriad av vågor i inhemska cykler sedan 1935, då United Auto Workers (UAW) grundades. (Övriga fackföreningar som representerar autoarbetare i USA inkluderar International Association of Machinists and Aerospace Workers of America, United Steelworkers of America och International Brotherhood of Electrical Workers.) Senaste förändringar i bilindustrins organisation och i ägande av inhemska företag presenterar emellertid unikt formidiga utmaningar för facklig styrka. För det första kommer genomförandet av magert tillverkningsteknik och drivkraften att uppnå globalt konkurrenskraftiga priser, kvalitets - och leveransstandarder sannolikt att fälla ned arbetskrafter när leverantörer strävar efter att öka produktiviteten. För det andra tillåter endast ett fåtal fordonstransplantationer i Förenta staterna unionsstatus x2014, nämligen NUMMI (GM-Toyota), Diamond Star (Chrysler-Mitsubishi) och Auto Alliance (Ford-Mazda), som alla är joint ventures med amerikanska företag . Ändå ökar den totala transplantationsanställningen: Mellan 1993 och 2003 ökade sysselsättningen vid transplantationer i USA från 58 840 till 93 408. UAW fortsätter att sträva efter att organisera arbetskraft vid transplantationer och inriktar leverantörsparker nära fackförenade montörer i ett försök att upprätthålla lokal kontroll. För det tredje, outsourcing av produktion i en kontinuerligt globaliserande industri minskar fackförenings fackförmåga, inte bara i USA, utan också i Europa. Fjärde, auto montörer och leverantörer ökar deras utnyttjande av tillfälligt anställda. I Tyskland har BMW en pool av tillfälliga arbetstagare som kan utnyttjas på olika fabriker efter behov, och i USA arbetar auto-montörer i allt högre grad med kontraktsarbetare för att minska kostnaderna. Globaliseringen av bilindustrin verkar utmana status quo för arbetskraft i traditionella regioner av fordonsproduktion. Eftersom sysselsättningen i branschen skiftar mot leverantörssektorn och mot framväxande ekonomier är försöket att behålla goda löner vid traditionella växter avgörande för bilförare. Total timlönskostnad vid GM och Ford för 2005 uppskattades till 65,90, med 35,36 i lön och 30,54 i förmåner, sjukvård och pensionskostnader. Övriga uppskattningar för 2004 visar vinst hos produktionsarbetare vid monteringsanläggningar på 1 217 per vecka, medan arbetare på delverk växer 872 veckor och arbetare i alla tillverkningsindustrier ger i genomsnitt 529 per vecka. Autotorkare x2014, särskilt de som arbetar i monteringsanläggningar i industriländer x2014, har säkert en hel del på spel när industrin fortsätter att globalisera. I motsats till arbetskraft har den kraft som återförsäljare utövar på montörer historiskt varit minimal. Det drivande systemet för produktion innebar att återförsäljare var förvar för inventarieringsöverskridanden av auto-montörer. Också fram till 1960-talet kunde återförsäljare lagligt kontrolleras av bilhandlare. Därför tjänar autohandlare majoriteten av sina vinster från eftermarknadssalget av delar, tillbehör, leveranser och service, som alla är en liten del av sin verksamhet. Med rörelsen mot ett dragsystem för produktion kunde återförsäljare spela en viktigare roll inom bilindustrin. Utjämningshotet för återförsäljare är dock en internetbaserad försäljning, en innovation som står för att mildra marknadsförmågan hos återförsäljare vis-xE0 - vis auto-montörer. Worldwide Big Tre bilproducenter är General Motors, Toyota Motor Corporation och Ford Motor Company. Under 2004 hade dessa företag världsomspännande marknadsandelar på 13 procent, 11 procent respektive 10 procent och produktionsandelar som speglade dessa siffror noga. Intressant är geocenter för bilproduktion Asien-Stillahavsområdet, med över 23 miljoner enheter som producerades 2004. Japan var den dominerande producenten, med Kina en avlägsen sekund vid halv Japan av Japan x2019 s produktion det året. Västeuropa och Nordamerika rankade en avlägsen andra och tredje i världsomfattande produktion, som producerar mellan 16 och 17 miljoner fordon år 2004. Tyskland är den dominerande producenten i Västeuropa, medan USA producerar lejonet x2019 s andel av fordon i norra Amerika. De största konsumenterna av fordon är nordamerikaner, med asiatiska Stillahavsområdet och västeuropeiska kunder en nära andra och tredje. Även om äganderätten per capita i Kina är mycket liten (1,5 fordon per 100 hushåll jämfört med 50 fordon per 100 hushåll i Japan 2001), sjönk antalet fordon som såldes i Kina 2004 bara några hundra tusen korta bilförsäljningar i Japan. Dessutom var tillväxten av försäljningen i Japan mellan 2003 och 2004 en sparsam 0,1 procent, medan Kina upplevde en tillväxt på 17,2 procent i bilförsäljningen under den perioden. De övriga länderna med över en miljon bilförsäljning per år som också hade dubbelsiffriga ökningar inom fordonsförsäljningen 2004 var Ryssland (24 procent), Indien (18,2), Brasilien (17), Mexiko (11,8) och Spanien (10,2 ). Marknadsmöjligheterna i dessa länder är högt beroende av makroekonomisk prestanda och politik. Därför bedriver bilhandlare en portföljinriktning till produktion och marknadsföring, med tanke på den ömtåliga ekonomiska tillväxten i dessa regioner. Sedan 1960-talet har autoanalytiker tittat på några regioner för källor till ny produktionskapacitet: Östeuropa, Latinamerika. Indien och Kina. År 1980 hade emellertid den östeuropeiska motorindustrin blivit stagnerad och under 1980-talet orsakade allvarlig ekonomisk och politisk oro att tillväxten i de latinamerikanska bilindustrin haltade. På 1990-talet uppkom liberalisering av handels - och investeringspolitik gradvis i Indien och Kina. Idag har Kina tagit uppmärksamhet som plats för ny bilproduktionskapacitet. Börja med Volkswagen x2019s investeringar år 1985, alla stora automakers har etablerat produktionskapacitet i Kina genom joint venture-relationer med lokala bilproducenter. I mitten av 1970-talet var personbilproduktionen praktiskt taget obefintlig i Kina. Trettio år senare hade försäljnings - och vinstgraden ökat, även om kapacitetsutnyttjandet är lågt (mellan 50 och 60) och lagren är höga i förhållande till deras japanska, europeiska och amerikanska konkurrenter. Om Kina fortsätter på sin väg från centralplanerad ekonomi till blygsam marknadsföring och fortsätter att bli mer integrerad i världsekonomin, så kommer den inhemska bilindustrin sannolikt att öka stadigt. Bilindustrin är en viktig sektor i den totala ekonomin, särskilt i industriländerna. Till exempel är bilen endast enbart för ett hus i köpvärde för det genomsnittliga amerikanska hushållet. Det genomsnittliga tillverkningsjobbet inom bilbranschen betalar 60 procent mer än det genomsnittliga amerikanska jobbet. Det beräknas att industrin genererar 10,4 jobb för varje arbetstagare som är direkt anställd inom bilindustrin och supporttjänster (exklusive bilhandlare) i USA. Sysselsättningssprutningar ses i tillverknings - och tillverkningsindustrin, inklusive detaljhandel och tjänster. År 2000 ökade utgifterna för forskning och utveckling (RampD) mot motorfordon och utrustning (RampD) i många av de trettionio största industrigrupperna, inklusive läkemedel och läkemedel, halvledare och andra elektroniska komponenter, kommunikationsutrustning och datorer och kringutrustning. Motorfordon är också en viktig del av internationell handel och utländska direktinvesteringar mellan länder. År 2000 var andelen bilprodukter i världshandeln 9,4 procent, oförändrad från dess andel för årtionde tidigare. Västeuropa, Nordamerika och Asien i avtagande ordning är de globala ledarna inom export och import. Medan västeuropa och asien är netto exportörer av fordon, importen nordamerikanska importen långt överstiger exporten. I Nordamerika har exporten varit relativt platt sedan 1980-talet, medan importen har ratcheted upp. Nordamerika, Östeuropa, Mellanöstern. och Afrika är alla nettoimportörer av bilprodukter. Intraregionala handelsuppgifter visar att intra x2013 västeuropeisk handel var den största i värde på nästan US200 miljarder det året, intra x2013 nordamerikanska handeln var andra vid US87.7 miljarder och handeln mellan asiatiska länder var den lägsta på US19,6 miljarder. Intressant var att intra x2013 nordamerikansk handel minskade med 10 procent jämfört med 1990. Den snabbast växande region-till-handeln var Nordamerika x2019 s handel med sina europeiska och latinamerikanska partner. Från tid till annan har barriärer upprättats runt om i världen för att skydda lokala bilbranscher. Till exempel har länderna i Nordamerika och Europa under de senaste tjugo åren byggt upp tariff - och icke-tariffära hinder som specifikt tillämpas på handel med bilar. Mellan 1981 och 1988 enades USA och Japan x201C frivilligt x201D om ett fast antal fordonsenheter som Japan skulle exportera till USA. Europeiska unionen och Japan ingick också ett frivilligt exportavtal (VER) mellan 1990 och 1999, då den japanska importen till Europa började öka. I båda fallen var VERs delvis ansvariga för en ökning av transplantationsproduktionen, då japanska bilproducenter hoppade över handelshinderna för att bygga upp fabriker i USA och Europa. Trots att transplantationerna har blivit en kritisk del av det lokala tillverkningslandskapet, väger de jobb och export de genererar mot deras dämpande effekt på lönerna och de kostnader som vissa lokala regeringar har för att locka utländska företag till sin region. I utvecklingsländer har handels - och investeringsrestriktioner inom bilindustrin form av lokala innehållsregler, tariffer och kvoter. Drivkraften bakom dessa protektionistiska åtgärder är att ge lokala producenter en chans att utvecklas innan de möter konkurrens från världsomspännande autoproducenter som är mer produktiva och därför har lägre enhetskostnader. Under de senaste årtiondena har regionala handelspakter genomförts som liberaliserar många av dessa lokala innehåll, investeringar och handelsbegränsningar. Nordamerikanska frihandelsavtalet (NAFTA), som genomfördes 1994, är ett viktigt exempel. När Förenta staterna och Kanada ingick Mexiko i sin frihandelspakt om handel med bilar och delar, minskade Mexiko tarifferna för sina norra partner och lyftde restriktioner för lokala investeringar för alla utländska företag, vilket möjliggör inhemsk status för transplantationsverksamheten. En av de kritiska determinanterna för monteringsanläggningar och deras närstående leverantörer är produktionskostnader. Produktionskostnader och marknadsmöjligheter är de främsta anledningarna till att arbetstillfällen flyttar sig bort från de traditionella geografiska centra för fordonsproduktion. Samtidigt förskjuts genomförandet av det magra produktionsparadigmet det operativa centrumet för fordonsproduktionen mot förstklassiga leverantörer med globala möjligheter. Variabel produktionskostnad x2014 kostar beroende av antalet fordon som produceras x2014 inkluderar utgifter för material och arbetskraft. I bilindustrin varierar materialkostnaden mellan 22 och 50 procent, medan arbetskraftskostnaderna varierar från 10 till 20 procent. Eftersom dessa kostnader varierar beroende på region och produkt som produceras, är auto montörer och leverantörer aktivt engagerade i bedömningar och anpassningsförfaranden som leder till förändringar i konfigurationen och driften av sina anläggningar. Ändå har utvecklingen av nordamerikanska, europeiska, asiatiska och sydamerikanska handelsblock betydande konsekvenser för den geografiska konfigurationen av produktions - och handelsflöden. Medan det fortfarande är en viktig faktor, är komparativ fördel inte den enda determinanten av handelsmönster inom bilindustrin. Autoindustrianalytiker förutser stora organisatoriska och geografiska förändringar i den globala bilindustrin som svar på innovationer inom automatisk tillverkningsteknik, omkonfigurationer på platsen för efterfrågan på fordon och växande miljöhänsyn. En ny modell för arbetskraftsutnyttjande kommer att utvecklas när leverantörer och bilhandlare anpassar sig till flexibla tillverkningspraxis och globaliseringen av deras verksamhet. Från och med 2007 uppskattas överkapaciteten i den globala fordonsindustrin till 20 miljoner enheter, vilket är ungefär en tredjedel av den globala årsproduktionen eller produktionskapaciteten hos de västeuropeiska biltillverkarna. Med en minsta effektiv produktionsskala vid en monteringsanläggning som uppskattas till 200 000 fordon är det troligt att dussintals monteringsanläggningar kommer att stänga, eftersom biltillverkare strävar efter att förbättra lönsamheten. Kapacitetsenhetisering av cirka 75 procent är tipppunkten under vilken automakers äventyras av att uppleva ekonomiska förluster. Överkapacitet har därför utlöst fusioner, förvärv och nätverksallianser. Autoföretag konsoliderar och förenklar kontroll - och utvecklingsfunktionerna och försöker minimera nya investeringsinitiativ, antalet unika delar i deras fordon, antalet använda design - och produktionsverktyg, antalet inbyggda komponenter och antalet direktleverantörsrelationer. Assemblers använder också modulärisering för att förenkla slutliga monteringsprocesser, och de experimenterar med olika organisationsdesigner som en del av omstruktureringsprocessen. Bilproducenter och delar leverantörer utnyttjar vertikala och horisontella strategiska allianser med förväntan på att de kommer att underlätta utvecklingen av nya produkter och spridningen av bilproduktionskapacitet till nya geografiska regioner. Dessa satsningar kommer emellertid också att skapa nya konkurrenter, särskilt i tillväxtländerna. Konsolidering har emellertid inte visat sig vara ett paradis för att optimera produktiv kapacitet i branschen. Sammanslagningar har vanligtvis inträffat mellan företag som har kompletterande produktlinjer och därför minskar möjligheterna att dra av några anläggningar. Effektiv rationalisering leder till arbetsförluster. Men fusioner mellan företag från olika länder (som Tyskland x2019 s Daimler-Benz och Chrysler i USA) har inte typiskt sänkt kapacitetsminskningen, eftersom politiska krafter strävar efter att upprätthålla inhemska arbetstillfällen. Analytiker förutser att produktionen kommer att flytta från traditionella regioner i Nordamerika, Europa och Östasien till Brasilien, Kina, Indien och länder i Sydostasien. Trade liberalization will facilitate this geographical shift in production, as well as increased commonilization x2014 the sharing of principal components and platforms x2014 although consumer tastes will militate against the full introduction of a homogeneous x201C world car x201D from each automaker. Commonilization x2014 coupled with the differentiation of products based on regional tastes x2014 is already practiced by Ford and Honda, and other automakers are also adopting this practice. There is no clear evidence, however, that automakers are converging on one comprehensive paradigm of production. Economic growth in East and South Asia is also expected to influence the locational decisions of auto producers. For example, economic and political developments in China during the past decade have had considerable influences on global sourcing and production decisions of German, American, and Japanese automakers. Growing disposable income among middle-and upper-income citizens, burgeoning industrial development in coastal regions, and the periodic liberalization of personal finance markets are driving demand for passenger cars and commercial vehicles in China. Given these trends and the size of the market, automakers anticipate good returns from their productive capacity in the Far East. Yet, exuberance over the potentially hot auto market in China is tamed from time to time by the prospect that the underpinnings of that market rests importantly on government fiat. The automobile industry will also need to continue to address a range of environmental concerns related to carbon dioxide levels and other health risks. While estimates vary widely as to the impact that vehicle emissions have on the global environment, automakers have made emissions and safety adjustments to their automobiles over time. In the United States, rules and guidelines that originated in the 1970s x2014 such as the Corporate Average Fuel Efficiency Standards (CAFE) and federal safety regulations x2014 have brought about significant emission reductions. Thirty years since CAFE standards were put in place, new cars in the United States emit approximately 1 percent of the smog-producing compounds emitted by new cars in the 1970s. This progress is not solely the result of government regulations, however. The Alliance of Automobile Manufacturers x2014 a trade association of nine automakers from the United States, Germany, and Japan x2014 has identified clean energy technologies as a means to further economic growth in the industry. It is important to note, however, that increased use of vehicles and persistent use of vehicles with old technology mitigate some of these important strides. Automakers around the globe are also engaged in developing new technologies and products, such as electronic fuel cells, navigational systems that manage congestion problems, and x201C telematics x201D (telecommunications capabilities). Information technology networks will be fully integrated into the RampD, procurement, manufacturing, and distribution functions of the enterprise structure. The Internet and Web-based communications are expected to drive the next transformation in the automobile industry. The next frontier in distribution channels is fully to implement a build-to-order system. While dealerships might not become obsolete, the efficiency of the pull system will reduce their inventories and associated costs. Implementing a system similar to the Dell Direct model could mean significant cost reductions in the distribution and purchasing functions of firms in the industry. SEE ALSO Ford Motor Company General Motors Automotive News. 2005. Automotive News Market Data Book 2005 . autonews . Boyer, Robert, Elsie Charron, Ulrich J xFC rgens, and Steven Tolliday, eds. 1998. Between Imitation and Innovation: The Transfer and Hybridization of Productive Models in the International Automobile Industry . Oxford: Oxford University Press. Dassbach, Carl H. A. 1994. Where Is North American Automobile Production Headed Low-Wage Lean Production. Electronic Journal of Sociology 1 (1). sociology. orgcontentvol001.001dassbach. html . Easterbrook, Gregg. 2006. Case Closed: The Debate about Global Warming Is Over. Governance Studies 3 (June). Brookings Institution Working Paper. Washington, DC: Brookings Institution. Federal Trade Commission. 1939. Part 1. General Investigations: Motor-Vehicle Industry. Annual Report of the Federal Trade Commission . Washington, DC: Federal Trade CommissionGovernment Printing Office. Fine, Charles H. and Daniel M. G. Raff. 2000. Internet-Driven Innovation and Economic Performance in the American Automobile Industry. MIT Sloan School of Management and International Motor Vehicle Program Working Paper. Cambridge, MA: IMVPMIT Press. Fine, Charles H. and Daniel M. G. Raff. 2001. Innovation and Economic Performance in the Automobile Industry over the Long Twentieth Century. In Technological Innovation and Economic Performance . eds. Benn Steil, David G. Victor, and Richard R. Nelson, 416-432. Princeton, NJ: Princeton University Press. Freyssenet, Michel, and Yannick Lung. 2000. Between Globalization and Regionalization: What Is the Future of the Automobile Industry In Global Strategies and Local Realities: The Auto Industry in Emerging Markets . eds. John Humphrey, Yveline Lecler, and Mario Sergio Salerno, 72-94. New York: St. Martin x2019 s Press. Freyssenet, Michel, Andrew Mair, Koichi Shimizu, and Giuseppe Volpato, eds. 1998. One Best Way Trajectories and Industrial Models of the World x2019 s Automobile Producers . Oxford: Oxford University Press. Freyssenet, Michel, Koichi Shimizu, and Giuseppe Volpato, eds. 2003. Globalization or Regionalization of the American and Asian Car Industry New York: Palgrave-Macmillan. Fulton, George A. Donald R. Grimes, Lucie G. Schmidt, et al. 2001. Contribution of the Automotive Industry to the U. S. Economy in 1998: The Nation and Its Fifty States . Prepared by the Institute of Labor and Industrial Relations, University of Michigan Office for the Study of Automotive Transportation, University of Michigan Transportation Research Institute and Center for Automotive Research, Environmental Research Institute of Michigan. Ann Arbor: University of Michigan Press. Holweg, Matthias, Jianxi Luo, and Nick Oliver. 2005. The Past, Present, and Future of China x2019 s Automotive Industry: A Value Chain Perspective. International Motor Vehicle Program Working Paper, for UNIDO x2019 s Global Value Chain Project. Cambridge, MA: IMVPCenter for Competitiveness and InnovationMIT Press. Katz, Harry C. John Paul MacDuffie, and Frits K. Pil. 2002. Autos: Continuity and Change in Collective Bargaining. In Collective Bargaining in the Private Sector . eds. Paul F. Clark, John T. Delaney, and Ann C. Frost, 55-90. Ithaca, NY: Cornell ILR Press. Klepper, Steven. 2002. The Capabilities of New Firms and the Evolution of the U. S. Automobile Industry. Industrial and Corporate Change 11 (4): 645-666. Klepper, Steven, and Kenneth L. Simons. 1997. Technological Extinctions of Industrial Firms: An Inquiry into Their Nature and Causes. Industrial and Corporate Change 6 (2): 379-460. Langlois, Richard N. and Paul L. Robertson. 1989. Explaining Vertical Integration: Lessons from the American Automobile Industry. Journal of Economic History 49 (2): 361-375. Laux, James M. 1992. The European Automobile Industry . New York: Twayne Publishers. Luo, Jianxi. 2005. The Growth of Independent Chinese Automotive Companies. International Motor Vehicle Program Working Paper. Cambridge, MA: IMVPMIT Press. McAlinden, Sean P. Kim Hill, and Bernard Swiecki. 2003. Economic Contribution of the Automotive Industry to the U. S. Economy x2014 An Update. Ann Arbor, MI: Center for Automotive Research. McAlinden, Sean P. and Bernard Swiecki. 2005. The Contribution of the International Auto Sector to the U. S. Economy: An Update. Ann Arbor, MI: Center for Automotive Research. Ohno, Taiichi. 1988. Toyota Production System: Beyond Large-Scale Production . Cambridge, MA: Productivity Press. Saripalle, Madhuri. 2005. Competing through Costs versus Capabilities: Organizational Transformation of the Indian Automobile Industry. Department of Agricultural and Resource Economics, University of Connecticut Working PaperInternational Motor Vehicle Program Working Paper. Cambridge, MA: IMVPMIT Press. Sturgeon, Timothy, and Richard Florida. 2000. Globalization and Jobs in the Automotive Industry. Final Report to the Alfred P. Sloan Foundation. Cambridge, MA: IMVPMIT Press. U. S. Department of Labor, Bureau of Labor Statistics. 2005. The 2006-2007 Career Guide to Industries: Motor Vehicle and Parts Manufacturing. Bulletin 2601. Washington, DC: Bureau of Labor StatisticsGovernment Printing Office. White, Lawrence J. 1971. The Automobile Industry since 1945 . Cambridge, MA: Harvard University Press. Wibbelink, R. P. and M. S. H. Heng. 2000. Evolution of Organizational Structure and Strategy of the Automobile Industry. Faculty of Economics, Vrije Universiteit Amsterdam, Research Memorandum 2000-12. ftp:zappa. ubvu. vu. nl20000012.pdf. Womack, James P. Daniel T. Jones, and Daniel Roos. 1990. The Machine That Changed the World . New York: Rawson Associates. Kaye Husbands Fealing UAW (International Union, United Automobile, Aerospace and Agricultural Implement Workers of America) Private Company x2014 Labor Union Founded: 1935 Employees: 200 (est.) Operating Revenues: 325 million (2003) NAIC: 813930 Labor Unions and Similar Labor Organizations The UAW (International Union, United Automobile, Aerospace and Agricultural Implement Workers of America) remains one of the most influential labor union in the United States. although its power has waned since its peak in the 1970s. The union now has about 700,000 active members belonging to more than 950 local unions, as well as over 500,000 retired members. The Detroit, Michigan-based organization negotiates contracts for its members and also offers them education and training programs. Over the course of its history, the UAW has won a number of contract concessions now taken for granted, such as employer-paid health insurance and cost-of-living allowances. In more recent years, however, as economic conditions have changed, the UAW has devoted much of it energy fighting a rearguard action to hold onto the gains achieved in previous decades, while learning how to adapt to life in a global economy. Long allied with the Democratic party, the UAW has always been a politically active organization, not just relating to economic issues but social issues as well, such as civil rights legislation, the Fair Housing act, Medicare and Medicaid legislation, the Occupational Safety and Health Act, and the Family and Medical Leave Act. Rise of the Auto Industry in the Early 1900s When the automobile industry began to establish itself in the early years of the 20th century, it relied mostly on craftsmen: cabinetmakers, upholsterers, molders, foundrymen, and others skilled in the metal and woodworking trades. Even as late as 1910, three out of every four autoworkers were skilled. However, as demand for cars increased, automakers were hard pressed to find skilled workers, resulting in escalating wages. In response, the manufacturers turned to labor-saving machinery that could be operated by semi-skilled or unskilled workers, who would accept lower wages than skilled employees. It was because of its location on the Great Lakes and accessibility by rail and road that Detroit became a magnet for automakers and workers alike. The citys skilled workers had long been members of strong craft unions, but automakers fought hard to make Detroit an open shop city, where unions had a difficult time taking root and collective bargaining was rare. Automation in car manufacturing reached a new level in 1913 when the Ford Motor Company introduced the continuously moving assembly line. As a result, an increasing number of autoworkers simply tended machines and could be trained to do their job within a week, sometimes in mere hours. By the mid-1920s, 85 percent of autoworkers were unskilled and easily replaced. Younger workers, many earning probationary rates, were preferred, since the assembly line could be speeded up as needed and what was now valued was strength and stamina not skill. Led by Henry Ford. automakers paid their workers more than other manufacturers, but this was mitigated by seasonal layoffs, so that during the 1920s autoworkers earned only slightly higher incomes than manual workers. Moreover, many were victimized by unscrupulous foremen, who had the power to hire and fire, resulting in a building resentment among workers that was to fuel militancy during the 1930s. AFL Forms Autoworkers Union in the Mid-1930s There were occasional attempts to form unions in the auto industry but they failed, solidifying Detroits reputation as the graveyard of organizers. The American Federation of Labor (AFL) tried twice during the 1920s to unionize autoworkers along craft lines rather than as a industrial union. The auto industry thrived in the late 1920s, but after the 1929 stock crash ushered in the Great Depression of the 1930s, demand for new cars plummeted leading to mass layoffs and creating fertile ground for labor unrest. A number of strikes broke out in Detroit in 1933, achieving little, but in June of that year the new Roosevelt administration passed the National Recovery Act, which included a provision that guaranteed workers the right to organize and bargain collectively, leading to increased efforts to organize autoworkers. The AFL continued to take a craft union approach to the auto industry, although unskilled production workers clearly had no trade. The AFL began signing up workers but it was not until August 1935 that it formed the United Automobile Workers union under its auspices. The organization was poorly led and ineffective, but that would change with the rising influence of one of its members, Walter Phillip Reuther, who would build and lead the UAW for decades and rise to the highest ranks in the labor movement. Reuther was born in Wheeling, West Virginia. in 1906, the son of a German-born brewery-wagon driver who was a staunch trade unionist and Socialist. A high school dropout, Reuther, along with his brothers Roy and Victor, moved to Detroit in 1927, took a job at the Ford plant and became a supervising die maker. During the early 1930s, he became more of an activist, joining the Auto Workers Union, formed years earlier by the AFL and taken over by Communists in 1925 as part of their effort to organize Detroit. Reuther was laid off at Ford x2014 in his mind, at least, because of his union activities x2014 then in 1933 traveled to the Soviet Union. where he and Victor worked in the Gorki auto works, which needed workers experienced with the Ford equipment it had acquired. Reuther returned to the United States at a pivotal time in the labor movement: in 1935 Congress passed the Wagner Act which stated that if a majority of employees at a company voted to be represented by a union, then it became the bargaining agent for all. Although it would be another two years before the United States Supreme Court confirmed the Wagner Acts constitutionality, labor organizers were given a shot in the arm. Later in 1935, Reuther attended the AFL convention in Atlantic City, where the organization remained conflicted over the industrial union issue. Reuther returned to New York. and despite having no job he procured a union card and in early 1936 became a member of small UAW Local 86, soon becoming its president. In April, he was a delegate at the UAW convention, where not only would the organization elect its first president, it would essentially declare its independence from the AFL. Reuther quickly established himself in the union and was elected to the general executive board. As the president of the amalgamated Local 174, covering all of Detroits west side, Reuther, aided by his brothers, began launching strikes against parts factories and assembly plants. Although he was not a major factor in the 1937 sit-down strike at Flint, Michigan, resulting in General Motors recognizing the UAW, his brothers were involved, and the Reuther name benefited from the victory and solidified his reputation. Of more importance to the building of his image was the Battle of the Overpass that took place on May 26, 1937. In front of the Ford River Rouge plant, Reuther and other UAW organizers, who had permits to distribute leaflets, were surrounded and severely beaten by a group of 40 Ford hirelings. A Detroit News photographer won a Pulitzer Prize for the pictures he took of the encounter, and the image of the bloodied Reuther only served to elevate his status. Although the UAW failed to organize Ford on this attempt, with the help of the surrounding controversy it succeeded in swelling its membership ranks to about 300,000 by the end of 1937. However, even as the UAW was taking on the auto industry, it had to contend with internal conflict over who was going to control the union. In 1938, an uneasy coalition fell apart, resulting in a split, with UAW president Homer Martin a year later taking a splinter group into the AFL, leaving the rest of the union under the auspices of the Congress of Industrial Organizations (CIO). R. J. Thomas was installed as president, and he quickly appointed Reuther director of the General Motors Department, essentially a paper organization at the time. Reuther took on GM at a weak point, concentrating on its tool and die makers, building on the successful strikes of more militant shops to build a walkout against all of GMs tool and die makers. Unable to retool for 1940 models, the company had no choice but to recognize the UAW as the bargaining agent for GMs tool and die makers, the first in a series of dominoes that were to fall. Next, GM production workers were brought into the fold, leading to other industry victories, with Ford finally capitulating in 1941. It was also during this period that the UAW began organizing aircraft workers, competing against the AFLs machinist union. Later, in the 1950s, the Farm Equipment Workers union would be brought into the fold, resulting in the present-day combination and the unions official name: The International Union, United Automobile, Aerospace and Agricultural Implement Workers of America. At the same time that he was becoming the automakers chief antagonist, Reuther was solidifying his power in the UAW. Finally, in 1946, he defeated Thomas in a tight election, then over the course of the next year gained control of the other national offices. He purged the organization of all opposition and entrenched himself in power, no doubt making enemies along the way. In April 1948, he survived an assassination attempt, suffering a shotgun wound that crippled his right arm. The crime was never solved. Company Perspectives: The UAWs commitment to improve the lives of working men and women extends beyond our borders to encompass people around the globe. Despite his sympathy with socialism, Reuther quit the Socialist Party in 1939, then in the 1940s became a leading member of the anti-Communist Left, purging Communists from the ranks of the UAW as well as the CIO. He supported Roosevelts New Deal legislation, but it was not until Harry Trumans victory in 1948 that he finally embraced the Democratic party as labors only viable champion in government. He and the UAW became a force in Democratic politics, leading to the unions pivotal role in electing John F. Kennedy to the presidency in 1960s and influencing civil rights and welfare legislation during Lyndon Johnsons Great Society initiative. Post-World War II Victories Pre-eminent among his abilities as a labor leader was Reuthers keen aptitude for collective bargaining. He developed the concept of Pattern Bargaining, targeting one of the Big Three automakers for a strike and relying on the zeal of its competitors to take advantage of the situation to drive the company to the bargaining table. Once a deal was struck, it established a pattern and the other automakers fell in line. As a result, the UAW won a string of significant victories, resulting in higher wages and improved benefits. In 1948, a settlement with GM established the concept of an annual wage increase tied to a cost-of-living adjustment. A deal with Chrysler in 1950 brought with it employer-funded pensions, and in that same year medical insurance was granted by GM. In addition to his role at the UAW, Reuther became president of the CIO in 1952 and was instrumental in finding common ground with the AFL, leading to the 1955 merger that resulted in the AFL-CIO. But the more progressive Reuther and conservative AFL-CIO president George Meany would eventually fall out during the 1960s. Reuther became disenchanted with the war in Vietnam. while Meany maintained loyal to the administration. Moreover, Reuther believed the labor movement was failing to stay current and not connecting with new reform moments, such as peace, minority rights, and the environment. The rupture between the two men culminated in 1968 when the UAW left the AFL-CIO, but no other unions followed its lead. The UAW would not return to the AFL-CIO until 1981. Reuther and his wife were killed in a plane crash in 1970. He left his successor, Leonard Woodcock, in charge of one of Americas strongest labor unions (along with the United Steel-workers of America). Woodcock remained loyal to Reuthers vision during the seven years he headed the UAW, and during his tenure the union reached its high water mark in a number of ways. Its last national strike, against Ford, took place in 1976, and membership peaked in 1979 around 1.5 million. Woodcock was replaced in 1977 by Douglas A. Fraser, considered the last of the 1930s firebrands that established the UAW. In addition to his challenges as a union leader, Fraser had to contend with issues beyond the control of the automakers. Earlier in the decade, the OPEC oil cartel rocked the United States economy with price increases. A second round of increases was launched in 1978, leading to a greater demand on the part of auto buyers for Japanese imports and a significant drop-off in the sale of U. S.-made cars. The UAW joined forces with the Big Three to fend off the Japanese threat and offered wage concessions to improve competitiveness. Fraser even took a set on Chryslers board of directors, ostensibly to serve as a watchdog, but when Chrysler cut employment by 57,000, closing ten plants, the UAW was complicit in the decisions, and the locals had no choice but to capitulate. The UAW was not alone in experiencing a decline in power. The steel industry and its workers were devastated by cheap steel imported or produced by the new domestic mini-mills. Arguably, the recession of 1981 to 1982 brought a close to the golden era of the U. S. labor movement. After President Ronald Reagan hired replacement air traffic controllers, all unions became hard pressed to keep the gains they had made during the previous decades, let alone attempt to secure better terms from employers. Key Dates: 1935: The United Automobile Workers (UAW) is formed by American Federation of Labor. 1937: General Motors recognizes the UAW. 1946: Walter Reuther is named president of the union. 1950: The UAW wins pension and medical insurance benefits. 1968: The UAW leaves the AFL-CIO. 1970: Reuther dies in an airplane accident. 1979: Membership peaks around 1.5 million. 1985: Canadian autoworkers secede from the UAW. 1995: Stephen P. Yokich is named president. 1999: Membership increases for first time in ten years. 2001: Ronald A. Gettelfinger is named president. Fraser, who retired, was replaced as the UAWs president in 1983 by Owen F. Bieber, more an administrator than a visionary. He maintained that because the Big Three were rebounding, the union would no longer agree to givebacks. He was also committed to organizing the Japanese auto plants cropping up in the Southeast, but these efforts ended in failure. In addition, under his watch the Canadian section of the union, angry over concessions made to the Big Three, seceded from the UAW in 1985. As a result of the split, automakers would now be able to threaten the union with moving jobs to Canada. where labor costs were cheaper. Many U. S. members were also displeased with their leaderships non-adversarial approach, resulting in the rise of a dissident faction under the New Directions banner. Nevertheless, Bieber retained his post until his retirement in 1995. He was replaced by a more truculent president, Stephen P. Yokich, a third generation UAW member, who first walked a picket line at the age of 22 months in a stroller pushed by his mother, a GM worker. In 1989, he was put in charge of relations with GM and was successful in launching strikes against parts-making and car assembly plants that resulted in GM meeting the unions demands. At the same time, he proved to automakers that behind the scenes he was willing to cooperate to help employers become more efficient and thus more competitive. One of his greatest challenges was in the auto-parts sector, where the union had experienced its greatest loss of membership in recent years. During the late 1970s, close to 70 percent of auto parts workers were UAW members, but that number had fallen to less than 25 percent. The independent auto-parts makers paid well below UAW scale, putting Big Three operations at a competitive disadvantage. In order to maintain wages and benefits with the Big Three, Yokich had to organize the suppliers, lest the Big Three simply opt to outsource the supply of auto parts. Under Yokich, the UAW also looked to restore some of its clout in the labor movement by merging with the International Association of Machinists and the United Steelworkers. The idea was floated in 1995 but in 1999 the Machinists dropped out and the merger with the Steelworkers, scheduled to occur in 2000, petered out as well. Yokich enjoyed some success launching sudden local strikes, but again it was on ground determined by the automakers, as the union fought to hang onto earlier gains and stem the erosion of its membership. Although it enjoyed a bump in membership in 1999, the first increase in a decade, the ranks continued to thin. Moreover, younger members were less active in the union. Unlike previous generations that were determined to hold onto a good-paying job for life, new blue collar workers shared a similar attitude of many white collar workers, who periodically changed jobs to advance their careers. The new generation of autoworkers all but assumed that high-paying jobs would eventually go overseas and took steps, or at least expected, to eventually move into a new career. Following Yokichs retirement in 2002, Ronald A. Gettelfinger was elected the UAWs president. Not only did he have to contend with outsourcing and technological efficiencies that eliminated jobs, but he was also confronted with the UAWs continued inability to organize foreign-operated auto plants. Gettelfinger soon proved, however, that he was a worthy adversary for automakers. Like Reuther before him, he zeroed in on a weakness, in this case automakers increasing dependence on just-in-time ordering of parts. He launched sudden two-day strikes against factories that made interior parts for some of General Motors and Chryslers most popular vehicles. The workers lost little in the way of income, while the automakers were forced to shut down production on bestselling SUVs Chevy Trailblazer and Jeep Liberty. The automakers then applied pressure on their suppliers to come to terms with the UAW. The master plan was to reunionize the parts sector. At the same time, Gettelfinger proved willing to adapt to changing times and eschew traditional bargaining techniques. In 2003, rather than singling out one of the Big Three in an attempt at pattern bargaining, he worked out an agreement with all three automakers simultaneously. This move was indicative that both management and labor were feeling competitive pressures. From the unions point of view, a quick and peaceful settlement might give it a better chance at finally organizing the U. S. operations of foreign auto makers. The effort to revitalize the UAW was complicated by the George W. Bush administration, and the Republican-majority National Labor Relations Board was far from sympathetic to its cause, especially after the UAW backed Senator John Kerry during the 2004 presidential election. The unions difficult situation was highlighted in 2004 by the adoption of cost-cutting measures, which included the cutting of its work force at headquarters and in regional offices by 15 percent, to be achieved by attrition. Although still a force not to be taken lightly in the U. S. auto industry, the UAW faced a challenging future succeeding in a global economy. For years the union had talked about operating transnationally, and now more than ever it appeared that the UAW would have to find a way to take its place on the world stage or face the prospect of receding into irrelevance. Further Reading Ball, Jeffrey, Lee Hawkins, Jr. and Sholnn Freeman, Big Three, UAW Show Rare Unity, Wall Street Journal . September 8, 2003, p. A2. Barnard, John, Walter Reuther and the Rise of the Auto Workers . Boston: Little, Brown and Company, 1983, 236 p. Bluestone, Irving, Working-Class Hero x2014 Walter Reuther, Time . December 7, 1998, p. 157. Bradsher, Keith, U. A.W. Is Just Trying to Hold Its Ground with Detroit, New York Times . September 13, 1996, p. D1. Burkins, Glenn, Picket Lines Next Generation Shows UAW Weakness, Problems, Wall Street Journal . June 26, 1998, p. B1. Davis, Bob, Neal Templin, and Brandon Mitchener, Wall Street Journal . March 25, 1996, p. A11. Lichtenstein, Nelson, The Most Dangerous Man in Detroit: Walter Reuther and the Fate of American Labor . New York: BasicBooks, 1995, 575 p. Lowell, Jon, Hard Times for the UAW, Wards Auto World . September 1985, p. 67. Muller, Joann, Has the UAW Found a Better Road, BusinessWeek . July 15, 2002, p. 108. x2014 Ed Dinger AUTOMOBILE INDUSTRY AUTOMOBILE INDUSTRY became the worlds largest form of manufacturing by the middle of the twentieth century, making more money and employing more people than any other industry. In the United States, the automobile industry changed how business was conducted and how Americans lived automobiles were more popular in America than anywhere else in the world. Origins of the Industry It was in America that the first three important steps toward automobile manufacture were taken, two of them by Oliver Evans of Philadelphia. During the last two decades of the 1700s, he created an automated flourmill. It took in unprocessed grain and used conveyor belts and screws to transport the grain from step to step, through chaffing, grinding, and packaging, without human intervention. The mill was powered by a steam engine. Evans had not quite invented the assembly line Henry Ford would later use to change how the world manufactured almost everything, but the basic ideas were present: stations for each step in the flour-making process and machines doing the physically strenuous work. Evanss other significant contribution was the worlds first amphibious, fully functioning automobile. In 1805, he completed work on a machine that could be stored on land, driven to the shoreline, and then paddled through the water. It was a dredge for keeping waterways clear. With its steam engine chugging away, Evans automobile made a great deal of noise as it was driven down to the docks on four large wheels. Once in the water with the paddle wheel attached, the machine could paddle about for several hours. It was the first clear demonstration that a mechanically powered transport could function for hours at a time without falling apart and do practical work. The other important American in the history of the automobile from Evanss day was Eli Whitney of Connecticut. He developed the concept of interchangeable parts and showed that the concept could be put to practical use: in 1798, he was contracted by the United States government to produce 10,000 muskets that would be identical to each other. In the 1830s, Charles Goodyear discovered that sulphur mixed with boiling natural rubber created a material that was not prone to melting under friction this breakthrough would lead to the tires that automobiles would use. In 1832, Walter Hancock of Britain made a steam carriage for personal use. His ideas would quickly evolve into busses that ran regular routes in England, but the English government would outlaw most uses of mechanical power for transportation, dropping England out of the competition for producing practical automobiles. In 1860, in France, tienne Lenoir invented a rival to the steam engine, the first practical internal combustion engine. Its advantage over the steam engine was its compactness: it was smaller and lighter. The German engineer Nikolaus Otto refined the internal combustion engine, making it more powerful and more efficient. In 1876, he introduced his four-stroke-cycle compression engine. A compression engine mixes air and fuel, draws the mixture into a chamber, a piston compresses it, and then it is ignited by a spark. Ottos engine would become the foundation for most internal combustion engines. Almost immediately, it was put to use in automobiles. In some, it generated electricity rather than powering a drive shaft the electric cars needed no gearshifts and gained or lost power smoothly when in use. These electric cars would be competitive with automobiles with direct drives into the 1920s. Another German, Wilhelm Maybach, invented the carburetor that, by squirting a spray of fuel into air to form the mixture the piston would compress, made possible the use of gasoline in Ottos engine. In 1879, New Yorker George Baldwin Selden applied for a patent for what he called a road locomotive. It was the frame of a buckboard with a compression engine underneath the front seat, above the front axel. Selden quickly discovered that the technology of the time needed to catch up to him the tools for manufacturing his machine were not in general use, so he delayed the patent process until he had financial backing and a market for his device. He and his backers claimed the patent rights to every motor vehicle that used a compression engine, and they made millions of dollars from the manufacturers of cars until they pushed Henry Ford too hard he took them to court and won in January 1911, breaking their monopoly. In 1894, the French firm Panhard and Levassor produced an automobile with a V-engine, a water-cooling system, a gearshift transmission, springs under the passengers to cushion the ride, and brakes fitted to wheel hubs. This state-of-the-art automobile was crafted piece by piece, rather than with interchangeable parts, but it is the first automobile to pull together most of the major ingredients of the modern automobile. In 1899, a visionary American, Ransom E. Olds, made the necessary leap of thought to the idea of using interchangeable parts for the purpose of producing automobiles for the masses and soon out produced every other automobile manufacturer in the world in 1901, he produced the Oldsmobile. Elsewhere in 1899, Henry Ford helped form the Detroit Automobile company. Ford had an idea for a simple-to-maintain automobile that would appeal to farmers. His first effort was taken over by his financial backers, becoming Cadillac. In 1903, Buick Motor Company was founded in Flint, Michigan, while Ford formed the Ford Motor Company in Detroit, Michigan. Henry Ford and Mass Production Henry Ford did not invent the automobile, but he did coin the phrase mass production, and he found a way to excel beyond Olds efforts by creating a process whereby goods could be made so fast, and in such great quantities, that they could be sold for a tiny profit and still earn millions for their manufacturer. In 1903, he produced his first Model A (there was another in 1927). He tried new designs, working up the alphabet until he reached T in 1908. In 1908, he tried reorganizing his factory it took twelve-and-a-half hours to produce one car, and he realized that he had just about reached the limit for speeds using old, craftsman techniques of fitting parts to automobiles. His ambition was to sell a car to every American home, and he needed to speed up the process of production. Two of his innovations began the mass-production revolution. One had to do with small parts. At the time, automobile manufacturers used wood for many of their parts because steel was so soft it would warp when heated during the manufacturing process. It took workers many hours to hammer such parts back into shape and to file them until they fit each other. Ford took advantage of a new kind of steel that was hardened during production and therefore would not warp during the manufacturing of an automobile or while the automobile was in use. Ford combined this development with manufacturing-to-gauge: that is, he assigned an exact set of specifications for every part, and all the parts were to be made exactly to those specifications so they did not need to be hammered or filed to fit a particular car the idea was that if the parts of cars were all mixed together, workers would be able to build the cars while randomly selecting their pieces. Ford was obsessed with manufacturing-to-gauge, and brought his zeal to the work floor of his factory. With parts made of hardened steel that were universally interchangeable, he was able to effect his other great innovation. He had chassis of his automobiles hitched to ropes and towed the length of his factory. Workers would walk alongside the chassis to piles of parts each pile was a station where the chassis would stop and the workers would add the parts. In 1908, this dropped the production time for a single automobile to under six hours, and his company became the worlds largest annual producer of cars. The Model T became popular. At a little over 900 dollars, it was within the financial reach of middle-class Americans. Even so, Ford wanted the car to be within reach of anyone earning a living wage this meant faster production and lower overhead. In 1913, he introduced the assembly line, as it would be known even into the twenty-first century. Instead of having workers move to piles of parts, he had the parts moved to them each station had a worker or a small team of workers who performed one function over and over throughout their long work day. The time to produce one Model T dropped to one-and-a-half hours. In 1914, the price for one Model T dropped to 490 dollars and Ford produced forty-five percent of Americas automobiles. Fords business practices were considered insane by most manufacturers: in 1915, he shook the manufacturing world. He promised customers that if he sold 300,000 Model Ts during the year he would send each purchaser a rebate when sales exceeded 300,000 he rebated fifty dollars per car. More disturbing to other companies was his doubling the minimum wage of his workers from 2.50 a day to 5.00 a day. It became possible for a Ford worker who stayed on the job for several years to own his own home and automobile and to build a sizeable savings. Ford would go on to advocate shorter working hours and fewer work days, because, he said, mass production enabled a company to meet all of its market demands with shorter work times in the 1930s, he advocated a thirty-hour work week. In 1917, he bought out his stockholders for 105,250,000, and then he could experiment even more. He did what he did partly out of idealism and partly because of his memories of being young and poor. Further, he wanted to build worker loyalty he wanted his workers to have jobs for life with his company. In addition, he wanted to build brand loyalty he wanted his customers to remember that Ford gave them a fair deal. Not all of his efforts worked. His implementation of the assembly line changed how workers viewed their jobs. No longer craftsmen who would learn how everything in the factory worked, Fords workers learned only about the function of their specific work stations status came not from skill but from seniority, and status was not rewarded with increasing responsibilities for the manufacturing process but by moving to the work stations that required the least amount of physical effort. Workers became more like interchangeable parts of the manufacturing process. When Dodge began production in 1915, the lesson became clear: assembly-line workers could easily move to another factory and stand at workstations doing what they had done before. There was another dark side to Fords achievements: while long-term workers benefited from their loyalty to Ford, on average, a worker lasted three months on the assembly line. The tedium was over-whelming assembly lines were dangerous and losing limbs was a risk workers took what came to be known as repetitive motion injuries could cripple workers. Automobile manufacturers managed to cover up many of these problems well into the 1920s, but they were a constant tax on production. By 1920, the automobile industry was shaking down to a small number of competitors. A recession in 1921 caught small manufacturers without enough cash on hand to operate their factories. During the 1920s, the big two manufacturers were Ford and General Motors (GM), with a young Chrysler Motor Corporation, established in 1925, gaining ground. In 1920, the luxury car maker Dusenberg introduced four-wheel brakes and a straight-eight engine. In 1924, Hudson introduced an enclosed sedan as a standard release, costing the same as its open car, 895.00. Further, ethylene glycol antifreeze was invented. These two innovations meant that manufacturers could produce all-weather cars that could withstand cold and shelter their drivers. In 1925, the last strong challenge to the internal combustion engine ended when the versatile Stanley Steamer ceased being manufactured. Journalists had been predicting the saturation of the automobile market for over a decade, claiming automobile sales had to decline once everyone who wanted a car had a car they had long been wrong. In 1925, Alfred P. Sloan, Jr. who ran GM, suggested that the time was coming when the saturation of the market would have to be dealt with, and he suggested what would later be called planned obsolescence as the solution. Change the style every year to make older styles seem out of date. By 1927, GMs Chevrolet division was outselling Ford. Meanwhile, Chrysler bought out Dodge and in 1928, launched Plymouth and De Soto. It was in 1928 that automakers began to make planned obsolescence a reality, but in the early 1930s, the industry was hit hard by the Great Depression. From 1931 to 1932, nine thousand auto dealerships went out of business, although neither Ford nor GM lost even one. Because of its virtues of being inexpensive and durable, the Ford Model A, introduced in 1927, helped Ford re-take its lead in sales in a much diminished market. In 1933, Chrysler introduced aerodynamic designing, but its futuristic offering did not fit public tastes in hard times. Unionization hit the industry in the 1930s. Ford was outraged, viewing his workers as ungrateful, but his reaction was mild compared to the violence GM used to discourage unionization of its plants. Even so, the major automakers eventually signed collective bargaining agreements with the United Auto Workers. In 1942, the automotive industry almost came to a stop because the United States had entered World War II. The government ordered the automobile companies to produce war supplies, and this they did. The Ford Motor Company had been taken over by Henry Ford II, grandson of the founder, and he was beginning to reshape the company in 1941. During the war, Ford applied its mass production principles to manufacturing heavy bombers. By the end of the war, it was producing a B-24 bomber every sixty-three minutes. To GM fell the manufacturing of tanks. The GM management rethought their manufacturing process, introducing teams of workers who ran their work stations and a new whole chassis welding process that encouraged workers to be their own quality managers. In 1945, Henry Kaiser founded Kaiser-Frazer Corporation and began manufacturing innovative automobiles. In 1954, Nash and Hudson merged to form American Motors. The big three in automobile production were GM, first, Chrysler, second, and Ford, third. At the time, about seventeen percent of American-made automobiles were sold in foreign countries. Ford was especially well positioned for sales in Europe with factories in England and elsewhere on the continent. The Big Three did not seem to care about what was happening in Japan during the 1950s. The Japanese were listening to American management consultant W. Edwards Deming, who told them they should produce high-quality, durable products, and stand behind their quality with warranties in order to sell their wares internationally. Not all Japanese manufacturers believed Deming, but some invested everything they had into Demings ideas. One such company was Toyota, who developed the Toyota Production System. They encouraged worker suggestions for improving products as well as procedures and they created teams of workers who were responsible for the quality of their workstations performances, which they called kaizen. During the 1950s and 1960s, planned obsolescence governed the American auto industry the fiasco in 1957 of the Ford Easel came about in part because it was not at all innovative in performance or design. Meanwhile, the world and Americans were changing fast. By the end of the 1960s, people who had never been in a coalmine were dying of black lung disease in polluted cities such as New York and Los Angeles. In the early 1970s, the United States Congress mandated cleaner burning automobile engines and set standards for automobile safety. The Japanese were ready with cars that met the standards the Americans were not. Then in 1973, the Organization of Petroleum Exporting Countries (OPEC) cut back steeply on exports, gasoline prices rose steeply, and Americans had to wait in long lines at gas stations because of gasoline shortages. Since the 1920s, automobile manufacturers knew that Americans preferred big cars over small ones. A forty-miles-per-gallon automobile, the Crassly Hotshot, had been produced in the 1940s but had disappeared because of poor sales. In the 1970s, Americans wanted small, gas efficient cars. The Japanese had them. In 1977, more American automobiles were recalled because of faulty parts or construction than were actually built during the year. In 1979, Chrysler almost went bankrupt, and only earnest pleas for help from charismatic company president Lee Iacocca won the federal loan guarantees the company needed in order to continue operations. Meeting the Japanese Challenge In 1980, Americas automakers lost 1.8 billion dollars. In 1980, Japanese automobiles outsold American automobiles worldwide for the first time. Yet, in that year, American automobile companies invested seventy billion dollars to reconstruct their plants. They were putting computers into their cars to manage fuel, the shifting of gears, and other aspects of cars, to make driving them more efficient and with less wear and tear. The Texaco Controlled-Combustion System, invented in the 1940s, allowed automobiles to burn almost any fuel efficiently, and engines that ran on methanol, coal dust, and natural gas were created. Meanwhile, Japanese manufacturers ran into problems. The most important one was their dependence on foreign imports of raw materials. Another problem was the saturation level: they were running out of markets for their small cars, and without high volume sales, it was hard to earn profits making them. Thus, Japanese manufacturers began to shift toward making more expensive large automobiles with luxury features they could make a higher profit per car for the large ones than for the smaller ones. Further, the Japanese yen had been strong against the American dollar for many years, helping make Japanese cars cheaper than American ones. By 1985, the yen had dropped against the dollar, adding two thousand dollars to the price of a Japanese automobile in America. In 1987, Chrysler bought out American Motors and showed its renewed financial strength by paying back its loans early. GM showed that there was still life in the idea of worker participation in quality management by beginning, in June 1982 (but publicly announced in 1983), a new car division for the Saturn, the first of which was manufactured 15 September 1984. The car depended on its reputation for high quality to succeed in the American market. In Japan, automobile manufacturers depended heavily on robots to man their workstations, whereas American companies did not. What seemed to make economic sense in the 1980s, proved a money pit for the Japanese. They discovered that while they saved money from laying off workers who were replaced by robots, they were spending extra money on the people who maintained the robots and programmed the robots computers. Plus, kaizen was disappearing as the workers who could have made constructive suggestions were laid off. The result was that by 1995, American automobile makers regained their dominant position in the marketplace. BIBLIOGRAPHY The Arsenals of Progress. The Economist (US) 330, no. 7853 (5 March 1994): M57. De Camp, L. Sprague, and Catherine C. De Camp. The Story of Science in America. New York: Charles Scribners Sons, 1967. Grove, Noel. Swing Low, Sweet Chariot. The Automobile and the American Way. National Geographic (June 1983): 235. Hapgood, Fred. Keeping It Simple. Inc. 18, no. 4 (19 March 1996): 6670. Ingrassia, Paul J. and Joseph B. White. Comeback: The Fall and Rise of the American Automobile Industry. New York: Simon amp Schuster, 1994. Kerson, Roger. Ending the Bends. Technology Review 89 (April 1986): 6. Showalter, Williamm Joseph. The Automobile Industry: An American Art That Has Revolutionized Methods of Manufacturing and Transformed Transportation. National Geographic 44, no. 4 (October 1923): 337414. Sloan, Alfred P. Jr. My Years with General Motors. New York: Doubleday, 1972. Smith, Philip Hillyer. Wheels within Wheels: A Short History of American Motor Car Manufacturing. New York: Funk amp Wagnalls, 1968. By someone who actually lived the history. Toyotas New Bombshell. World Press Review 42, no. 6 (June 1995): 33. Womack, James P. Daniel T. Jones, and Daniel Roos. The Machine That Changed the World: How Japans Secret Weapon in the Global Auto Wars Will Revolutionize Western Industry. New York: Maxwell Macmillan International, 1990. See also Air Pollution Assembly Line Ford Motor Company General Motors Mass Production Steam Power and Engines United Automobile Workers of America and vol. 9: Ford Men Beat and Rout Lewis . Cite this article Pick a style below, and copy the text for your bibliography. Gale Encyclopedia of U. S. Economic History COPYRIGHT 2000 The Gale Group Inc. AUTOMOBILE INDUSTRY Few industries have had a larger impact on the U. S. economy as the automobile industry. The development of the motor vehicle brought significant changes in twentieth century U. S. culture and society. The auto industry provided progressively easier and faster travelling and shipping and it spurred the development of elaborate highway systems linking cities and states. It also stimulated the creation of suburbs around major cities. The average person could now afford to travel easily from city to city and to commute to work from an outlying area. Owning an automobile became an indicator of financial success some type of vehicle was within the reach of all but the poorest citizens. Autos were also one of the first products available for purchase on a payment plan, a financial arrangement that became a marketing mainstay of the U. S. economy. In the cities buses allowed large numbers of people to move easily from place to place at a low price. It also became commonplace to bus children to schools. The automobile also sparked the development of other industries such as petroleum and steel, as well as other support businesses such as gas stations, repair shops, and automobile dealerships. Emergency systems also depended on automobiles for getting people to hospitals and for putting out fires. Not all of these improvements, however, met with success. For example, tractors and harvesters eventually became so sophisticated and expensive (including improvements that made the work less onerous, like air conditioning and tape players) that it ran many farmers out of business. In general, farm implement technology based on internal combustion reduced the overall cost of harvesting crops such as corn or wheat by using machinery that did the work of several farmers in a fraction of the time. This, however, drove farm families off of their small farms and into the city. The development of the automobile in the late nineteenth century had its foundations in the invention of the steam engine a century earlier. By the middle of the nineteenth century certain types of farm equipment had utilized the steam engine as a source of propulsion. Inventor Sylvester H. Roper developed and tested several steam carriages, which were shown in the East and the Midwest. In addition to the steam engine, other inventors tested electric and gasoline powered engines. Frank and Charles Duryea tested a gasoline-powered wagon in 1893. The development of these vehicles grew out of the carriage industries. Many bicycle companies also became involved in this process of improving automotive technology by providing parts such as ball bearings, wheels, and tires. By the early part of the twentieth century, the gasoline internal combustion engine became the favorite choice for providing power to carriages, especially after the 1912 Cadillac combined the engine with the ease of an electric self starter. While electric and steam-powered motor vehicles remained popular for a while longer in the East, the Midwest became the home for many of the producers of gasoline powered autos. Ranson E. Olds (1864 x2013 1950) of Lansing, Michigan. switched from steam engines to the gasoline engine by the late 1890s, building the first in 1896. Production of his cars was limited until 1899, when Olds Motor Works was formed, a company that eventually became known as General Motors Oldsmobile Division. Olds expanded production and in 1904 about 5000 were assembled, an impressive feat for the time. Many Olds employees, machinists and parts suppliers eventually left to form their own companies, such as Maxwell, the Reo Company, Hudson, Cadillac, and Dodge. By 1903 the Ford Motor Company emerged as a rival to Olds by creating a sturdy but low-priced car which became very popular. The Model T, sold from 1908 through 1927, became one of the most famous cars of all time. With Fords utilization of the moving assembly line, (c 1913 x2013 1914,) automobile yearly production soared to numbers in the millions by the 1920s. World War I (1914 x2013 1918) caused a shortage in the materials used to produce automobiles, but production resumed in full as soon as the war ended. However, the bottom fell out of the automobile market as the country entered a depression era (1920 x2013 1923). Many independent or smaller automobile companies went out of business. Larger companies struggled as well. Maxwell and Chalmers became part of a new company named Chrysler Corporation in 1925. In 1928 the Dodge Company also became a part of Chrysler. By the late 1920s most smaller companies had either disappeared or had been absorbed into one of the three major companies: Ford, General Motors, and Chrysler, known as The Big Three. General Motors, a leader of the industry during this time, developed some very successful managerial and marketing strategies, such as improvements in offering consumers installment credit, producing models in various price ranges that encouraged car owners to trade in for a more expensive model, and changing car designs yearly. Ford fell behind by holding on to the Model T until it had been long outdated the company continued to struggle until the 1950s. Chrysler remained a strong second place to General Motors throughout the 1930s. In the later 1930s automobile workers x2014 both skilled and unskilled workers x2014 turned to unions to protect their jobs. By the early 1940s the industry was fully unionized, but not without several violent confrontations. From 1937 to 1941 a bitter war of sorts was waged between the Ford Motor Company and the United Auto Workers. Several acts of violence occurred, fostering the animosity between auto workers and the large corporations. During World War II (1939 x2013 1945) automotive factories were put to use producing vehicles, airplanes, airplane engines, and other related items for use in the war. At the end of the war consumer production was again booming as buyers replaced their aging autos. The Big Three continued to dominate automobile production throughout the mid-twentieth century. During the 1960s and 1970s laws were passed to improve safety, including the requirement of seat belts and a reduction in allowable automobile emissions. Fuel efficiency soon became an important issue because of the jump in gasoline prices in the mid-1970s. The automotive industry tried to break its habit of producing big cars and turned to the design and manufacture of smaller economy cars. By the late 1950s foreign automobile manufacturers began to export cars such as Volkswagens, Hondas, Toyotas, and Datsuns. These cars became popular because of their efficient fuel consumption, contemporary design, and quality of construction. They soon became a threat to U. S. manufacturers. By 1980 Japan had become the primary producer of automobiles for the entire world. U. S. auto makers rose to the challenge, revamping, restructuring, modernizing, downsizing and even giving concessions to the auto companies in the effort to protect jobs. The restructuring of the U. S. auto industry meant more machines and fewer workers, a prescription, which led to layoffs. Moreover, U. S. automobile companies bought into the foreign competition and thus became morally implicated in the erosion of the U. S. middle class standard of living. The final decade of the twentieth century found the major automobile companies striving to please a demanding American consumer while asking for concessions from its unions and trying to compete with the foreign competition. New innovations included: the development and successful marketing of the sport utility vehicle (a lighter version of the truck that could be used both on and off the road), air conditioner coolant that would not pollute, and plans by General Motors to produce an electric car. At the end of the 1990s it remained to be seen whether these innovations would revitalize the U. S. automotive industry. See also: Assembly Line, Walter Chrysler, Chrysler Corporation, Henry Ford, Ford Motor Company, General Motors, Model T, Alfred Sloan, United Auto Workers FURTHER READING Comptons Encyclopedia and Fact Index, Ani-Az . Chicago. Comptons Learning Co. 1985, s. v. Automobile Industry. Encyclopedia of American Business History and Biography . New York. Bruccoli Clark Layman, 1990, s. v. The Automotive Industry, 1896 x2013 1920. Encyclopedia of American Business History and Biography . New York: Bruccoli Clark Layman, 1989, s. v. The Automotive Industry, 1920 x2013 1980. Foner, Eric, and John A. Garraty, eds. The Readers Companion to American History . Boston: Houghton Mifflin Co. 1991, s. v. Automobiles. Hillstrom, Kevin, ed. Encyclopedia of American Industries, Volume 1: Manufacturing Industries . New York: Gale Research, Inc. Johnston, James D. Driving America: Your Car, Your Government, Your Choice . Washington, D. C. AEI Press, 1997. Scharchburg, Richard P. Carriages Without Horses: J. Frank Duryea and the Birth of the American Automobile Industry . Warrendale, PA: Society of Automotive Engineers, 1993. St. Clair, David James. The Motorization of American Cities . New York: Praeger, 1986. Wolf, Winfried. Car Mania: A Critical History of Transport . Chicago, IL: Pluto Press, 1996. Cite this article Pick a style below, and copy the text for your bibliography. UNITED AUTOMOBILE WORKERS OF AMERICA UNITED AUTOMOBILE WORKERS OF AMERICA (UAW) was the largest and most politically important trade union during the heyday of the twentieth-century labor movement. Although the UAW held its first convention in 1935, its real founding took place the next year, when it became one of the key unions within the new Committee for Industrial Organization. After a dramatic, six-week sit-down strike at General Motors during the winter of 1937, the UAW won union recognition from that company, then the nations largest corporation. Chrysler and numerous supplier plants followed within a few months, after which it took four difficult years to organize workers at the Ford Motor Company, an intransigent union foe. By 1943, the UAW had organized more than a million workers in the auto, aircraft, and agricultural equipment industries. The UAW was a uniquely democratic and militant union for three reasons. First, under conditions of mass production, supervisors and unionists fought bitterly and continuously over the pace of production, the distribution of work, and the extent to which seniority would govern job security. Second, the UAW enrolled hundreds of thousands of Poles, Hungarians, Slavs, Italians, African Americans, and white Appalachian migrants for whom unionism represented a doorway to an engaged sense of American citizenship. Finally, the founders and officers of the UAW were a notably factional and ideological cohort, among which socialists, communists, Catholic corporatists, and Roosevelt liberals fought for power and office. Homer Martin, who served as union president from 1936 until 1939, was a former Protestant minister whose maladroit leadership nearly wrecked the union during the sharp recession of 1938. He was followed by R. J. Thomas, who tried to straddle the rivalry that made the former socialist Walter Reuther and his right wing faction the bitter enemies of Secretary Treasurer George Addes and Vice President Richard Frankensteen and their communist supporters. Reuther won the union presidency in 1946, and his anticommunist caucus, which nevertheless embodied the radicalism of many shop militants and progressive unionists, took full control of the UAW the next year. Reuther served as president until 1970, when he died in an airplane crash. During its first quarter century, the UAW established the template that defined much of modern U. S. unionism. In bargaining with the big three auto corporations, the union raised and equalized wages between plants, regions, and occupations. It established a grievance arbitration system that limited the foremans right to hire, fire, and discipline, and it won for its members a wide array of health and pension fringe benefits when it became clear that the unions and their liberal allies could not expand the U. S. welfare state. The real income of automobile workers more than doubled between 1947 and 1973. But the UAW was thwarted in many of its larger ambitions. During World War II, the union sought a role in administering the production effort and sharing power with corporate management. Immediately after the war, Reuther led a 113-day strike against General Motors not only to raise wages but also to pressure both that corporation and the administration of President Harry Truman to limit any subsequent rise in the price of cars, thus enhancing the purchasing power of all workers. The defeat of the UAW on both of these issues paved the way for a midcentury accord with most of the big auto firms. The union abandoned most efforts to challenge management pricing or production prerogatives, in return for which the corporations guaranteed autoworkers a slow but steady increase in their real pay. But this industryUAW accord was not peaceful. Individual UAW locals struck repeatedly to humanize working conditions and to defend unionists victimized by management. At the company wide level, both sides probed for advantage. Thus, long strikes occurred at Chrysler in 1950 and 1957, at Ford in 1955 and 1967, and at General Motors in 1964 and 1970. Politically, the UAW was a liberal presence in national Democratic politics and in those states, such as Michigan, Missouri, Ohio, Illinois, New York, Iowa, California, and Indiana, where it had a large membership. Until 1948, many in the UAW leadership supported forming a labor-based third party, but after Trumans unexpected victory, the UAW sought a liberal realignment of the Democrats. The union pushed for aggressive Keynesian fiscal policies to lower unemployment, fought for an expanded welfare state, and favored dtente with the Soviets. The UAW funded numerous civil rights activities in the 1960s, despite or perhaps because its role in Detroit municipal politics and in numerous auto and aircraft factories was an equivocal one on racial issues. The UAW did not break with President Lyndon Johnson over Vietnam. But it withdrew from the AFL-CIO from 1968 to 1981, because of what Reuther considered the conservative posture and stolid anticommunism of that union federation and of George Meany, its longtime president. In 1972 the UAW vigorously supported the presidential candidacy of George McGovern. Until the late 1970s, UAW membership fluctuated between 1.2 and 1.5 million, but the back-to-back recessions of the late 1970s and the early 1980s combined with automation, the deunionization of the auto parts sector, and the closing of many older factories slashed UAW size to about 750,000. When Chrysler verged on bankruptcy in 1980 and 1981, the union agreed to a series of contract concessions that for the first time in forty years broke wage parity among the major auto firms. The UAW eventually reestablished the industry wage pattern and won employment guarantees for many of its remaining members, but the concession bargaining of the early 1980s spread rapidly across industrial America with devastating results for millions of workers. After the mid-1980s, the UAW no longer played the vanguard role within the labor movement once hailed by Reuther. Until 1983 it was led by Leonard Woodcock and Douglas Fraser, both union pioneers and labor spokesmen of national stature. The UAW voice was more muted during the subsequent presidencies of Owen Beiber and Steven Yokich. The union cooperated with the auto industry to dilute government-mandated fuel efficiency standards and to stanch Japanese imports. But when foreign firms built assembly and parts plants in the United States, the union could not organize the workers. For more than a decade the UAW accommodated management efforts to deploy team production and employee involvement schemes, which often eroded work standards and eviscerated union consciousness. By the early twenty-first century the UAW was the nations fifth largest union. BIBLIOGRAPHY Boyle, Kevin. The UAW and the Heyday of American Liberalism, 19451968. Ithaca, N. Y. Cornell University Press, 1995. Halpern, Martin. UAW Politics in the Cold War Era. Albany: State University of New York Press, 1988. Jefferys, Steve. Management and Managed: Fifty Years of Crisis at Chrysler. New York: Cambridge University Press, 1986. Lichtenstein, Nelson. The Most Dangerous Man in Detroit: Walter Reuther and the Fate of American Labor. New York: Basic Books, 1995. Moody, Kim. Workers in a Lean World: Unions in the International Economy. London: Verso, 1997. See also American Federation of LaborCongress of Industrial Organizations Automobile Industry Labor Sitdown Strikes Strikes and vol. 9: Ford Men Beat and Rout Lewis . The Columbia Encyclopedia, 6th ed. Copyright The Columbia University Press automobile industry, the business of producing and selling self-powered vehicles, including passenger cars, trucks, farm equipment, and other commercial vehicles. By allowing consumers to commute long distances for work, shopping, and entertainment, the auto industry has encouraged the development of an extensive road system, made possible the growth of suburbs and shopping centers around major cities, and played a key role in the growth of ancillary industries, such as the oil and travel businesses. The auto industry has become one of the largest purchasers of many key industrial products, such as steel. The large number of people the industry employs has made it a key determinant of economic growth. Although ancient Chinese writers described steam-powered vehicles, and both steam - and electric-powered cars competed with gas-powered vehicles in the late 19th cent. Frenchman Jean Joseph 201tienne developed the first practical internal-combustion engine (1860), and later in the decade several inventors, most notably Karl Benz and Gottlieb Daimler, produced gas-powered vehicles that ultimately dominated the industry because they were lighter and less expensive to build. French companies set the design of the modern auto by placing the engine over the front axle in the 1890s and U. S. manufacturers made important advances in the mass production of the auto by introducing cars with interchangeable machine-produced parts (one such car was created by Ransom E. Olds in 1901). In 1914 Henry Ford began to mass produce cars using assembly lines. In addition, his practice of providing loans to consumers to buy cars (1915) made the Model T affordable to the middle class. In the 1920s, General Motors further changed the industry by emphasizing car design. The company introduced new models each year, marketed different lines of cars to different income brackets (the Cadillac for the rich the Chevrolet for the masses), and created a modern decentralized system of management. U. S. auto sales grew from 4,100 in 1900 to 895,900 in 1915, to 3.7 million in 1925. Sales dropped to only 1.1 million in 1932 and during World War II, the auto factories were converted to wartime production. The Modern Industry After 1945, sales once again took off, reaching 6.7 million in 1950 and 9.3 million in 1965. The U. S. auto industry dominated the global market with 83 of all sales, but as Europe and Japan rebuilt their economies, their auto industries grew and the U. S. share dropped to about 25. Following the OPEC oil embargo in 1973, smaller, fuel-efficient imports increased their share of the U. S. market to 26 by 1980. In the early 1980s, U. S. auto makers cut costs with massive layoffs. Throughout the 1990s, imports8212particularly from Japan8212took an increasing share of the U. S. market. Beginning in the early 1980s, Japanese and, later, German companies set up factories in the United States by 1999, these were capable of producing about 3 million vehicles per year. That year, 8.7 million vehicles were sold in the Untied States. Since then, domestic production by U. S. companies has continued to decline, so that they now produce somewhat more than half of all light motor vehicles sold in America (and many of their vehicles contain a significant percentage of foreign parts as determined by dollar value). In 2007, over 440 billion worth of motor vehicles and parts were produced in the United States by U. S. and foreign companies employing more than 902,000 workers. The credit crisis that began in 2008 and the associated recession resulted in significant losses for most automobile manufacturers. The U. S. industry was especially hard hit, losing sales as well from late 2007 to mid-2008 as customers sought more energy-efficient cars as gasoline prices skyrocketed, and in late 2008 U. S. automotive companies sought government financial aid. Subsequently, the government forced Chrysler and General Motors to declare bankruptcy (2009) and reorganize in an attempt to create viable companies. The U. S. and Canadian governments, Italys Fiat (which purchased a majority stake in Chrysler), and the United Auto Workers owned much of the new companies. In 2014, Fiat announced plans to purchase all of Chryslers shares and incorporate in the Netherlands as Fiat Chrysler Automobiles NV the new company will be based in Great Britain. Complaints about auto pollution, traffic congestion, and auto safety led to the passage of government regulations beginning in the 1970s, forcing auto manufacturers to improve fuel efficiency and safety. Auto companies are now experimenting with cars powered by such alternative energy sources as natural gas, electricity, hydrogen fuel cells, and solar power. See R. Sobel, The Car Wars (1984) J. Fink, The Automobile Age (1988) J. A. C. Conybeare, Merging Traffic: The Consolidation of the International Automobile Industry (2004) B. Vlasic, Once Upon a Car: The Fall and Resurrection of Americas Big Three Automakers (2011). Cite this article Pick a style below, and copy the text for your bibliography. United Auto Workers Gale Encyclopedia of U. S. Economic History COPYRIGHT 2000 The Gale Group Inc. UNITED AUTO WORKERS The United Auto Workers (UAW) was created in 1936 to protect the rights of workers in Americas largest industry, automobile manufacturing. Unionizing auto workers was a formidable task. Management was staunchly anti-union, harassing workers suspected of union activity and even employing spies to report on employee activities. Workers were subjected to capricious firings and bullying from foremen, and could not appeal management decisions. Because the American Federation of Labor (AFL) was not concerned with the needs of unskilled workers, a group of radical labor leaders emerged to advocate for their rights. John L. Lewis (1880 x2013 1969) of the United Mine Workers, David Dubinsky (1892 x2013 1982) of the International Ladies Garment Workers, and Sidney Hillman (1887 x2013 1946) of the Amalgamated Clothing Workers formed the Committee of Industrial Organization (CIO), a committee within the AFL. The CIO worked on organizing unskilled labor into huge industry-wide unions. The UAW, with Homer Martin as its first president, became the auto workers union. Workers, intimidated by managements hostility, were reluctant at first to join the UAW. They needed proof that the union could succeed against the biggest and most powerful industry in the country. To confront these industry giants, organizers adopted a new tactic. They staged sit-down strikes at several plants, forcing companies to stop production. This strategy was so damaging to business that the auto companies were finally forced to accept the union as labors legitimate bargaining agent. The recognition of the UAW was a landmark in the struggle for labor rights. It signaled the emergence of a new generation of labor leaders who were ready to push hard for the rights of unskilled labor. And workers responded enthusiastically. UAW membership rose from 98,000 in early 1937 to 400,000 by mid-year. During the 1930s and 1940s, the UAW fought for and obtained significant improvements for its members, especially under the leadership of Walter Reuther (1907 x2013 1970), who served as UAW president from 1946 to 1970. The union successfully bargained for such measures as cost-of-living adjustments, wage increases, and pensions. In 1955, auto workers won a guaranteed annual wage. At the same time, however, the UAW grew increasingly bureaucratized in the years after World War II (1939 x2013 1945). Abandoning its more democratic roots, the UAW became a fiercely authoritarian and anti-Communist organization. Power was concentrated within the central administration, the autonomy of local chapters destroyed, and accusations or patronage abounded. Though the UAW continued to win concrete labor benefits, it imposed contracts on membership without their input and stifled internal debate. By the 1960s, workers grew increasingly alienated from the union, which had not brought a national strike against General Motors since 1945 x2013 1946. When disgruntled workers finally staged wildcat strikes in 1970, UAW officials broke up picket lines to force strikers back to work. By the 1990s the UAW had modified many of its positions. Though power was still centrally concentrated, the UAW at the end of the twentieth century was one of the most democratic unions in the United States. Unlike many unions, such as the Teamsters, the UAW has been relatively free of corruption charges and maintains a good reputation for its efforts. See also: Automobile Industry, Labor Movement, Labor Unionism, Sit-Down Strikes Cite this article Pick a style below, and copy the text for your bibliography. Thomas Bulkowski8217s successful investment activities allowed him to retire at age 36. He is an internationally known author and trader with 30 years of stock market experience and widely regarded as a leading expert on chart patterns. Han kan nås på Stöd på denna sida. Klicka på länkarna (nedan) tar dig till Amazon. Om du köper någonting betalar de för hänskjutningen. Bulkowskis Books Book Corrections Below, if you click on a book picture, it will take you to Amazon for browsing and buying. Anything purchased at Amazon through this website (by clicking on a book link) helps support this site. Which Book Should I Buy I am often asked what is the difference between my books, and which one should I buy first Heres the answer. Focus: Shows how stocks typically behave after a chart pattern appears. My book, Encyclopedia of Chart Patterns is to human anatomy as Chart Patterns: After the Buy is to human behavior. Chart Patterns: After the Buy shows how a stock acts after a chart pattern appears, so we can use that knowledge before buying to boost the odds of trading success. It covers chart patterns, but from a different perspective than all of my other books. Read an excerpt on double bottoms from the book (pdf: 1.58 mb). This book is meant as a reference. Encyclopedia of Candlestick Charts Focus: Candlesticks and their performance. This book is the definitive reference book covering 103 candlestick patterns. This is one of the few candlestick books that tests each candle pattern and reports on that performance in a clear and concise manner. Encyclopedia of Chart Patterns. Focus: The internals of chart patterns. This is a definitive (and popular) reference book on chart patterns, reviewing 53 chart and 10 event patterns packed with performance information, identification guidelines, failure rates, breakout statistics, size and height stats, volume stats, trading tactics, and more. It peaked at 5 in Australia at Amazon. Fundamental Analysis and Position Trading: Evolution of a Trader Focus: Value investing. A primer about value investing (PE and PSR ratios, book value, cash flow, dividends, and so on) and adding market timing to a buy-and-hold strategy using position trading. I test each of the fundamentals to see how they perform. The book tells what to look for when selecting stocks to double your money and to find 10-baggers (stocks that rise by 10 times the investment). Getting Started in Chart Patterns Focus: Chart pattern information and trading the stock market for beginners. This book is a popular, low cost choice for both the novice and expert trader wishing to tune-up the basics. Written as a narrative (not a reference book), it discusses chart patterns and includes details on many of my trades, so you can get a feel for how I use chart and event patterns. This book is more advanced than the Visual Guide to Chart Patterns described below. Swing and Day Trading: Evolution of a Trader . Focus: Swing and day trading. The book explains how to use chart patterns to swing and day trade, including major reversal times for day traders, plus the opening range breakout and opening gap setups. This book zeros in on the shorter time scales. It also includes a chapter on horror stories, which is an interesting read all by itself. I interview traders and discuss their botched trades. Trading Basics: Evolution of a Trader . Focus: Information youll need when trading or investing in the stock market. This book covers subjects like how much money youll need for tradinginvesting, position sizing, scaling in and out of positions, leverage, dollar cost averaging, portfolio composition, how long to hold a stock, with entire chapters dedicated to stop placement, and support amp resistance. It has a chapter on 45 tips every trader should know. This book tests each idea to see how well it performs and provides an in-depth look at what you need to invest and trade stocks. Trading Classic Chart Patterns. Focus: a scoring system for chart patterns. The book introduces a scoring system to help you select the most popular chart patterns that lead to big gains. Visual Guide to Chart Patterns Focus: A beginners guide to chart patterns This book is an entry level guide to chart patterns, taking you from how to recognize them, what are minor highs and lows, constructing trendlines (Part I), and into the many varieties of chart patterns (part II), ending with buy setups (part III) and sell signals (part IV). This narrative book has lots of color charts and also includes quizzes, which are difficult but fun to take. One Testimonial Heres a testimonial thats worth reading not for what he says about my books (which is nice) but about his success trading the markets. Dear Mr. Bulkowski, Im a 22-year old college student and an options trader. For the last year and four months, before June, I virtually traded options at real time, turning one hundred thousand into five million. Then, at the beginning of the summer, I opened my first real money account, and have made a little less than 1,200 on my account, never having more than 30 of my entire account invested at one time, never having more than 15 in one stock (now no more than 10, eventually Ill get it down to having no more than 5). I got started in charts with Getting Started in Chart Patterns . I followed that book with Encyclopedia of Chart Patterns . and followed that with Trading Classic Chart Patterns . with the recommendations listed on Dan Zangers site. I loved those books so much that I bought Encyclopedia of Candlestick Charts . since Im a fan of charts. I was amazed at how much I had already figured out. You put names to what I was just observing and statistics that made me even more profitable. I keep both your encyclopedias next to my computer while I go over my stocks ever night, and I see a break out. My parents are mad at you because now they cant claim me on their taxes this year. Just kidding, I bought my dad the boat he always wanted because they matched my account which gave me a few extra dollars to play with. I hope your trading is doing well and your doing well. Thank You So Much. Your Books Are Awesome. Chart Patterns: After the Buy I looked at thousands of chart patterns to discover how they behaved after placing a trade. Then I used that knowledge to help predict which chart patterns would outperform. The book covers the most popular chart patterns but also other seldom-discussed patterns, too. View a chapter excerpt on double bottoms (pdf: 1.58 mb) by clicking the link, courtesy of John Wiley amp Sons. Chart Patterns: After the Buy Table of Contents Heres what Amazon has to say. Chart Patterns: After the Buy goes beyond simple chart pattern identification to show what comes next. Author and stock trader Thomas Bulkowski is one of the industrys most respected authorities in technical analysis for this book, he examined over 43,000 chart patterns to discover what happens after you buy the stock. His findings are detailed here, to help you select better buy signals, avoid disaster, and make more money. Bulkowski analyzed thousands of trades to identify common paths a stock takes after the breakout from a chart pattern. By combining those paths, he discovered the typical routes a stock takes, which he calls configurations. Match your chart to one of those configurations and you will know, before you buy . how your trade will likely perform. Now you can avoid potentially disastrous trades to focus on the big winners. Each chapter illustrates the behavior of a specific pattern. Identification guidelines help even beginners recognize common patterns, and expert analysis sheds light on the period of the stocks behavior that actually affects your investment. Youll discover ideal buy and sell setups, how to set price targets, and more, with almost 370 charts and illustrations to guide you each step of the way. Coverage includes the most common and popular patterns, but also the lesser-known ones like bad earnings surprises, price mirrors, price mountains, and straight-line runs. Whether youre new to chart patterns or an experienced professional, this book provides the insight you need to select better trades. Identify chart patterns Select better buy signals Predict future behavior Learn the best stop locations Knowing the pattern is one thing, but knowing how often a stop will trigger and how often you can expect a stock to reach its target price is another matter entirely-and it impacts your trade performance immensely. Chart Patterns: After the Buy is the essential reference guide to using chart patterns effectively throughout the entire life of the trade. Getting Started in Chart Patterns, Second Edition Chart pattern analysis is not only one of the most important investing tools, but also one of the most popular. Filled with expert insights and practical advice from one of the best in the business, Getting Started in Chart Patterns, Second Edition helps new and seasoned traders alike profit by tracking and identifying specific chart patterns. Substantially revised and expanded, this new edition of the popular guide now includes additional charts for ETFs and mutual funds. It introduces more than 40 key chart formations, as well as trading tactics that can be used in conjunction with them. It supplies actual trades (with dollar amounts), along with author Thomas Bulkowskis frank discussion of how trading behavior can affect the bottom line. Interwoven throughout the technical presentations are fascinating anecdotes drawn from the authors quarter-century as a professional trader that vividly demonstrate how one of the best in the business leverages the power of chart patterns. Getting Started in Chart Patterns, Second Edition Table of Contents Preface to First and Second Editions Acknowledgments Testimonial I started out in late 2003 with 123,000 in our multiple IRA accounts. My results, focusing exclusively on the Precious Mining Junior Exploration Companies, really took off AFTER I read your Getting Started in Chart Patterns book. By March 2006, our IRA accounts had exceeded 1,000,000. Your explanations of Support amp Resistance Fibonacci retracements and High, Tight Flag formations really paid off -- email from Rich K. of California Endorsements (from the book cover): When it comes to chart reading, Thomas Bulkowski can be categorized as a sui generis (constituting a class alone). Combining objective analysis with a fictional element has resulted in a highly entertaining read, one that any trader will benefit from. Jayanthi Gopalakrishnan, Editor of Technical Analysis of Stocks amp Commodities magazine. Nobody explains the nuts and bolts of how - exactly - to use chart patterns to make real money in trading like Tom Bulkowski. I always do better in my own trading after reading a Bulkowski book. This is the practical, down-to-earth guidance you have been looking for in books on technical analysis. Bulkowski doesnt give you platitudes - he gives you live examples. Even better, he admits that patterns dont always deliver what we expect and he quantifies both success and failure rates for the top moneymaking patterns. Nobody writes about chart work better than Bulkowski. - Barbara Rockefeller, independent trader and advisor (rts-forex), author of Technical Analysis for Dummies. In Getting Started in Chart Patterns, Bulkowski offer easy-to-apply advice for looking at charts and making them work more effectively for you in your trading. It is his passion it probably also will become yours after reading this book. A must for budding technicians - Gail Osten, Executive Editor of Stocks, Futures amp Options (SFO) magazine. Trading Basics: Evolution of a Trader The three books in the Evolution of a Trader series were written for people unfamiliar with the inner workings of the stock market, but will curl the toes of professionals, too. Research is used to prove the ideas discussed, but is presented in an easy to understand and light-hearted manner. You will find the books to be as entertaining as they are informative and packed with moneymaking tips and ideas. Use the ideas presented here to hone your trading style and improve your success. Whether you are a novice who has never purchased a stock but wants to, or a professional money manager who trades daily, these books are a necessary addition to any market enthusiasts bookshelf. Trading Basics The first book in the Evolution of a Trader series begins with the basics, creating a solid foundation of terms and techniques. Although you may understand market basics, you will learn from this book. How do I know Take this quiz. If you have to guess at the answers, then you need to buy this book. If you get some of them wrong, then imagine what you are missing. Answers are at the end of the quiz. From Chapter 2, Money Management 1. True or false: Trading a constant position size can have disastrous results. 2. True or false: A market order to cancel a buy can be denied if it is within two minutes of the Nasdaqs open. 3. True or false: Dollar cost averaging underperforms. From Chapter 3: Do Stops Work 1. True or false: Fibonacci retracements offer no advantage over any other number as a turning point. 2. True or false: A chandelier stop hangs off the high price. 3. True or false: Stops cut profit more than they limit risk. From Chapter 4: Support and Resistance 1. True or false: Peaks with below average volume show more resistance. 2. True or false: Support gets stronger over time. 3. True or false: The middle of a tall candle is no more likely to show support or resistance than any other part. From Chapter 5: 45 Tips Every Trader Should Know 1. True or false: Fibonacci extensions are no more accurate than any other tool for determining where price might reverse. 2a. True or false: Only bullish divergence (in the RSI indicator) works and only in a bull market. 2b. True or false: Bullish divergence (in the RSI indicator) fails to beat the market more often than it works. 3. True or false: Price drops faster than it rises. From Chapter 6: Finding and Fixing What Is Wrong 1. True or false: The industry trend is more important than the market trend. 2. True or false: Holding a trade too long is worse than selling too early. 3. True or false: Sell in May and go away. The answer to every statement is true. Trading Basics Table of Contents Chapter 1: How to Retire at 36 Chapter 2: Money Management Trading: How Much Money, Honey Order Types: Read The Fine Print Position Sizing: My Story Position Sizing by Market Condition: Bull or Bear How Many Stocks to Hold A Better Way Portfolio Composition Hold Time: How Long is Long Enough Hold Time: My Trades The Money Management Matrix Should You Scale Into Positions Averaging Down: Throwing Away Money or Smart Choice Scaling Out of Positions: A Profitable Mistake Dollar-Cost-Averaging: Good or Bad Using Leverage: An Expensive Lesson Leverage Guidelines Checklist Chapter 3: Do Stops Work What Is Hold Time Loss Mental Stop: For Professionals Only Minor High or Low Stop: A Good Choice Squaring Off Round Numbers Chart Pattern Stop: Too Costly Stopped by a Moving Average The Truth about Trendlines Fundamental Analysis and Position Trading: Evolution of a Trader The three books in the Evolution of a Trader series were written for people unfamiliar with t he inner workings of the stock market, but will curl the toes of professionals, too. Research is used to prove the ideas discussed, but is presented in an easy to understand and light-hearted manner. You will find the books to be as entertaining as they are informative and packed with moneymaking tips and ideas. Use the ideas presented here to hone your trading style and improve your success. Whether you are a novice who has never purchased a stock but wants to, or a professional money manager who trades daily, these books are a necessary addition to any market enthusiasts bookshelf. Fundamental Analysis This book explains and describes the test results of various fundamental factors such as book value, price-to-earnings ratio, and so on, to see how important they are to stock selection and performance. The Fundamental Analysis Summary chapter provides tables of fundamental factors based on hold times of one, three, and five years that shows which factor is most important to use for those anticipated hold times. The tables provide a handy reference for buy-and-hold investors or for other trading styles that wish to own a core portfolio of stocks based on fundamental analysis. Chapters such as How to Double Your Money, Finding 10-Baggers, and Trading 10-Baggers put the fundamentals to work. The chapter titled Selling Buy-and-Hold helps solve the problem of when to sell long-term holdings. Position Trading The second part of the book explores position trading. It introduces market timing to help remove the risk of buying and holding a stock for years. Have you heard the phrase, Trade with the trend How often does a stock follow the market higher or lower The section titled, What is Market Influence on Stocks provides the answer. This part of the book looks at how chart patterns can help with position trading. It discloses the 10 most important factors that make chart patterns work and then blends them into a scoring system. That system can help you become a more profitable position trader when using chart patterns. Six actual trades are discussed to show how position trading works and when it does not. Consider them as roadmaps that warn when the road is bumpy and when the market police are patrolling. Fundamental Analysis and Position Trading Table of Contents Chapter 1: Introduction to Buy and Hold What Is Buy and Hold Swing and Day Trading: Evolution of a Trader The three books in the Evolution of a Trader series were written for people unfamiliar with the inner workings of the stock market, but will curl the toes of professionals, too. Research is used to prove the ideas discussed, but is presented in an easy to understand and light-hearted manner. You will find the books to be as entertaining as they are informative and packed with moneymaking tips and ideas. Use the ideas presented here to hone your trading style and improve your success. Whether you are a novice who has never purchased a stock but wants to, or a professional money manager who trades daily, these books are a necessary addition to any market enthusiasts bookshelf. Swing Trading The last book of the three covers Swing and Day Trading: Evolution of a Trader . The first part of the book highlights swing trading techniques, explains how to use chart patterns to swing trade, swing selling, event patterns (common stock offerings, trading Dutch auction tender offers, earnings releases, rating changes, and so on) and other trading setups. It tears apart a new tool called the chart pattern indicator. The indicator is not a timing tool, but a sentiment indicator that is great at calling major market turns. Day Trading Day trading reviews the basics including home office setup, cost of day trading, day trading chart patterns, and the opening range breakout. It discusses research into the major reversal times each day and what time of the day is most likely to set the days high and low-valuable information to a day trader. An entire chapter discusses the opening gap setup and why fading the gap is the best way to trade it. Another chapter discusses the opening range breakout setup and questions whether it works. Ten horror stories from actual traders complete the series. They have been included to give you lasting nightmares. Swing and Day Trading Table of Contents Chapter 1: Introduction to Swing Trading Visual Guide to Chart Patterns Visual Guide to Chart Patterns is a concise and accessible visual guide to identifying, understanding, and using chart patterns to predict the direction and extent of price moves. Packed with visual learning enhancements and exercises, this innovative book helps savvy investors and professionals alike master the essential skills of chart pattern recognition. Follow along as chart pattern expert Thomas Bulkowski teaches you to recognize important peaks and valleys that form patterns-footprints of the smart money. Nearly 200 color charts assist in providing a step-by-step approach to finding those footprints, interpreting them, and following them. Popular patterns such as head-and-shoulders, double tops and bottoms, triangles, gaps, flags, and pennants are just a few of the many patterns explored throughout the book. For the sophisticated trader or investor, the book also provides statistical research to support the claims of pattern behavior, trading signals, and setups, in an easy to understand way. Discusses chart pattern identification guidelines, psychology, variations, failures, and buy and sell signals Covers the most popular and common chart patterns as well as lesser-known ones like throwbacks, pullbacks, and busted patterns Incorporates quizzes, step-by-step exercises, enhanced graphics and video tutorials (e-book only) to immerse the reader in the world of chart patterns Designed for use by investors and traders, from beginners to experts looking for a practical, easy-to-use guide, comprehensive reference, Bloomberg Visual Guide to Chart Patterns provides a sophisticated introduction to the world of chart patterns. The following is a detailed table of contents that lists major topics covered in the book. This was taken from my manuscript and not from the published text. Some of the content may be different in the published version. Visual Guide to Chart Patterns Table of Contents Part 1: The Basics Chapter 1: Pattern Recognition Made Easy Encyclopedia of Candlestick Charts Before I get to the slick marketing message, let me give you a few examples of how I use the information in my Encyclopedia of Candlestick Charts book. Imagine that price has been trending upward for 5 bars and you see a bearish engulfing candle pattern. Looking up the candle in the book, you read that it acts as a bearish reversal 79 of the time (page 308), and that 74 of the time (page 312) price reaches its price target (the height of the candle projected downward). If you then see price begin to falter, like it is thinking of reversing, you can exit the trade ahead of everyone else. Before I make a trade, I look at the probability of the candle acting as a reversal or continuation, and how far price can be expected to move once I am in the trade (based on the candle height). That information is in my book, and it is well worth the cost of it. Let me give you another example. For Apple stock (AAPL) on November 13, 2007, I found an above the stomach candle. The book says (page 89) that the candle acts as a bullish reversal 66 of the time. The upward target is 183.39 with a 61 probability of reaching 191.33 (page 93). A downward target is 139.84 with a 53 probability of reaching 130.28. The current close is 169.96. After a bumpy start, the stock moved up in a straight-line run to 187.70 on November 30, 2007 before pausing for a few days. That is the kind of information you can get from my book, and that is how I put it to good use. It gives me an edge over other traders that do not have such information. In short, it helps me make money. Here is the slick marketing message: Candlestick patterns are footprints of the smart money and deciphering those footprints properly can bring traders and investors riches. Encyclopedia of Candlestick Charts takes an in-depth look at 103 candlesticks, from identification guidelines, to statistical analysis of their behavior, to detailed trading tactics. Never before has a book combined a comprehensive list of candlesticks with a statistical review of their performance. until now. This easy to read and use reference book follows the same format as the best-selling Encyclopedia of Chart Patterns. In each chapter of Encyclopedia of Candlestick Charts youll find: Behavior and Rank shows how each candle is theoretically supposed to work and how it actually does, with rankings against other candlesticks plus the psychology behind the pattern. Identification Guidelines describe what to look for. Statistics include the following tables: general statistics, height statistics, volume stats, reversal rates, and performance indicators. Trading Tactics discuss strategies to increase profits and minimize risk Sample Trade walks you through a hypothetical or actual trade using real data. For Best Performance is a quick reference table of selection tips to boost performance Encyclopedia of Candlestick Charts also includes chapters covering important findings, a statistics summary, glossarymethodology, and a visual index to make candlestick identification easy. Endorsements (from the book cover): Great research, great organization, and a wealth of information. Not only does Tom identify the best formations, he shows the practical way to trade each one. And, he puts the best results right in front, rather than playing hide-and-seek with the reader. You dont need to be a chartist to get value from this book. I highly recommend it. -- Perry Kaufman, author of New Trading Systems and Methods, Fourth Edition Man cannot live on bread alone, and according to Tom Bulkowskis research, one cannot trade by candlesticks alone. Toms intensive statistical work seeks out the truth in the frequency and reliability of trading with candlestick charts. His exhaustive and thorough research will give the reader an eye opener to help guide them in their trading decisions. This is a must-read edition of a high-caliber piece of trading literature for every trader who uses candlecharts. -- John Person, author of Candlestick and Pivot Point Trading Triggers and President of Nationalfutures. When I wrote the Third Edition of Candlestick Charting Explained . I believed I had thoroughly covered every aspect of this respectable analysis technique. Tom has written a solid reference that can easily be used in coordination with other books in this exciting field. The Encyclopedia of Candlestick Charts is a reference that every technical analyst will want to own. -- Gregory L. Morris, Senior Portfolio Manager, PMFM, Inc, and author of Candlestick charting explained, third edition and The Complete Guide to Market Breadth Indicators. Encyclopedia of Chart Patterns, Second Edition In this revised and expanded second edition of the bestselling Encyclopedia of Chart Patterns . Thomas Bulkowski updates the classic with new performance statistics for both bull and bear markets and 23 new patterns, including a second section devoted to ten event patterns. Bulkowski tells you how to trade the significant events -- such as quarterly earnings announcements, retail sales, stock upgrades and downgrades -- that shape todays trading and uses statistics to back up his approach. This comprehensive new edition is a must-have reference if youre a technical investor or trader. From the Inside Flap The Encyclopedia of Chart Patterns . recognized as the premier reference on chart pattern analysis, extends its lead with this Second Edition. This definitive text includes new bull and bear market statistics, performance sorted by volume shape and trend, more than a dozen additional chart patterns, and a new section covering ten event patterns. Significant events-such as earnings announcements, stock upgrades and downgrades-shape todays trading, and Bulkowski gives readers the best information on what happens after those events occur. He also shows you how to trade them and uses reliable statistics to back it all up. In each chapter of Encyclopedia of Chart Patterns . Second Edition youll learn the following about each pattern: Results Snapshot - A statistical summary of pattern behavior, including its performance rank, break even failure rate, average rise or decline-all separated by breakout direction and market type (bull or bear) Tour - A broad introduction to the pattern Identification Guidelines - Characteristics to look for Focus on Failures - What failed patterns look like, why they failed, and how to avoid them Statistics - The numbers and what they tell you, separated into bullbear markets and breakout direction, including average rise or decline, failure rates, volume shapes, performance by size, and busted pattern performance Trading Tactics - Strategies to increase profits and minimize risk Sample Trade - Puts it all together, showing the chart pattern in action, with hypothetical or actual trades using real data For Best Performance - A table of selection tips to boost performance Encyclopedia of Chart Patterns . Second Edition also includes summary tables ranking chart - and event-pattern performance for easy reference a glossary a chapter on methodology explaining what each statistical table entry means and how it was calculated and a visual index to make chart pattern identification a snap. The result is todays most comprehensive and valuable technical analysis reference-one that will save you critical time in identifying chart patterns and increase your likelihood of buying near the price bottom and selling near the top. This book was named one of the years top investment books in 2003 by Stock Traders Almanac 2003 (page 98). The Encyclopedia of Chart Patterns has been cited in Candlesticks, Fibonacci, and Chart Pattern Trading Tools by Robert Fischer and Jens Fischer ( pages 88-89, 107), Technical Analysis for Dummies by Barbara Rockefeller ( pages 154 - 165), Advanced Options Pricing Models, by Jeffrey Katz and Donna McCormick (page 382) and many other titles (Amazon has the full list). The Encyclopedia of Chart Patterns is available in Orthodox Chinese and German, Russian, French and Simplified Chinese translations are pending. Amazon has a 8220search inside the book8221 where you can look at the table of contents, view an excerpt, and do a search. Endorsements (from the book cover): The most complete reference to chart patterns available. It goes where no one has gone before. Bulkowski gives hard data on how good and bad the patterns are. A must-read for anyone thats ever looked at a chart and wondered what was happening. -- Larry Williams, trader and author of Long-Term Secrets to Short-Term Trading. Chart patterns are the basics behind most trading methods, and this book is a great achievement in a highly useful format. Bulkowski has taken an intelligent and thoughtful approach to producing a practical guide to understanding and trading chart formations. -- Perry Kaufman, author of New Trading Systems and Methods, Fourth Edition and A Short Course in Technical Trading. Praise for the first edition Not since Edwards and Magee has someone put together so comprehensive an assemblage of market behavior expressed graphically. No chartist should be without this book. -- John Sweeney, Interim Editor Technical Analysis of Stocks amp Commodities. Encyclopedia of Chart Patterns . is a valuable contribution to the existing literature on charting and should be considered an indispensable reference by any serious chart trader. -- Edward D. Dobson, President, Traders Press, Inc. Meticulously researched, complete, and insightful, the Encyclopedia has earned a permanent place on my trading desk as a highly valued resource. -- Thomas A. Bierovic, Manager, Strategy Testing amp Development, Omega Research, Inc. Trading Classic Chart Patterns Trading Classic Chart Patterns is a combination narrative and reference book (mostly reference). This book was named 8220The best investment book of the year8221 by Stock Traders Almanac 2003 (see page 94 of that book). Trading Classic Chart Patterns has been cited in Candlesticks, Fibonacci, and Chart Pattern Trading Tools by Robert Fischer and Jens Fischer (Wiley 2003, pages 88-89). Translations into Simplified Chinese and German are pending. In his follow-up to the well-received Encyclopedia of Chart Patterns, Thomas Bulkowski gives traders a practical game plan to capitalize on established chart patterns. Written for the novice investor but with techniques for the professional, Trading Classic Chart Patterns includes easy-to-use performance tables, vivid case studies, and a scoring system that makes trading chart patterns simple. This comprehensive guide skillfully gives investors straightforward solutions to profitably trading chart patterns. Trading Classic Chart Patterns also serves as a handy reference guide for favorite chart patterns, including broadening tops, head-and-shoulders, rectangles, triangles, and double and triple bottoms. Filled with numerous techniques, strategies, and insights, Trading Classic Chart Patterns fits perfectly into any pattern traders arsenal. From the Inside Flap From the author of the Encyclopedia of Chart Patterns comes his latest work, Trading Classic Chart Patterns, a groundbreaking primer on how to trade the most popular stock patterns. Written for the novice investor but containing techniques for the seasoned professional, this comprehensive guide includes easy-to-use performance tables supported by statistical research. By using a simple scoring system, youll learn how to predict the performance of a chart pattern almost by looking at it. If youre new to chart patterns, technical analysis, or to stock market investing itself, the Getting Started section provides new ideas on trendlines, support and resistance, placing stops, and avoiding common investment mistakes. As your trading knowledge and experience increase, the Trading Classic Chart Patterns section will serve as a handy reference guide for your favorite chart patterns, including broadening tops, head-and-shoulders, rectangles, triangles, and triple tops and bottoms. Youll quickly learn about the Adam-and-Eve combinations of double tops and bottoms, and how to select the best performers while avoiding the losers. How to use the price trend leading to a chart pattern as a gauge of future performance Why breakout gaps often improve performance-but by less than you think How tall formations perform substantially better than short ones What a partial decline is and how to buy in early for a larger profit Whether high breakout volume really improves performance How to identify horizontal consolidation regions that may stop prices dead in their tracks A new tool, called the horizon failure rate, to assess performance over time The scoring system makes trading chart patterns simple. Use the performance tables to score your stock pattern, then add up the scores. If they total above zero, the stock is an investment candidate if they are below zero, youll know to avoid that particular stock. Its that easy Trading Classic Chart Patterns is a traders reference thats destined to become a classic. This book is an invaluable resource that provides the obvious answer-Yes-for every investor who has wondered if trading chart patterns can be profitable. Endorsements (from the book cover): No one -- not even the pioneers of technical analysis like Dow, Schabacker, Edwards, and Magee -- has ever published such an in-depth and objective research on chart patterns as Thomas Bulkowski has in his Encyclopedia of Chart Patterns and his new book, Trading Classic Chart Patterns. Bulkowski sees farther, not only because he stands on the shoulders of those giants, but also because he has the creativity necessary to develop new methods of quantifying the performance of chart patterns and the tenacity required to carry out the laborious research. Highly recommended -- Thomas A. Bierovic, author Playing for Keeps in Stocks amp Futures: Three Top Trading Strategies That Consistently Beat the Markets Book Corrections The publisher corrects the books as new printings occur (in theory). If you find a mistake, then contact me, Tom Bulkowski. Chart Patterns: After the Buy The following figures have incorrect figure references. For example, Figure 1.18 refers to figures in chapter 2 when it should refer to chapter 1. Heres a list of the figures that need correction: 1.18, 2.18, 3.20, 4.23, 5.18, 6.15, 8.14, 9.20, 10.15, 15.21, 17.10, 18.10, 22.24, 23.26, 24.21 Encyclopedia of Candlestick Charts Page 11: Change chart patterns to candlesticks in the first paragraph, second sentence: The percentage of chart patterns with breakouts within a third of the designated. should read, The percentage of candlesticks with breakouts within a third of the designated. Fix the last two paragraphs by swapping the phrases, overhead resistance with underlying support. Find: Gaps in an uptrend (rising window): Price finds overhead resistance and replace with: Gaps in an uptrend (rising window): Price finds underlying support In the last paragraph, find, Gaps in a downtrend (falling window): Price finds underlying support and replace with, Gaps in a downtrend (falling window): Price finds overhead resistance Page 182, two lines below Behavior and Rank heading: Change 60 of th time to Change 60 of the time Page 407: change the Figure 46.2 caption from bearish to bullish harami cross. Encyclopedia of Chart Patterns, 2nd Edition Page 28: Short-term bearish reversal should be Short-term bullish continuation Page 29: Short-term bearish continuation should be Short-term bearish reversal Page 111: Table 6.8 under Trade the trend lines. In the first sentence, change broad to tall so it should read If the formation is especially tall. Page 111: Find Trade the trend lines stops. highlighted near the bottom of the page. Change wide, to tall, so it should read If the formation is especially tall. Page 138: Second line at the top. Change 30 and 60 to 30 degrees and 60 degrees. It should read, The slope of the price trend line should rise from about 30 degrees at the start to 60 degrees or higher. Page 143, under Width. Replace the word tall with wide as in Narrow patterns perform better than wide ones in a bull market. Page 196. Change Surprising Findings to Throwbacks hurt performance and so do breakout day gaps. Page 197. Change Surprising Findings to Pullbacks hurt performance and so do breakout day gaps. Page 235. Third paragraph from the top, find only 15 times in this study and change it to 18 times. Change 383 in the following sentence to 371. Page 248, Table 15.1, Breakout volume. Change Heavy to Light as in Light breakout volume is best. Page 248, bottom of page, Breakout volume. Change the sentence to read, Look for light breakout volume but do not discard an EADB just because the breakout occurs on above-average volume. Two changes were made to the sentence, the words heavy to light and below to above. Page 253, in Average formation length, change a month to 2 months. Page 268, in Formation end to breakout. Change Measured from the left bottom to Measured from the right bottom Page 347, Text for the example says the winloss ratio is 4.75 to 1 but its actually less because of the entry price (the bottom of the flag). That lowers the profit potential and raises the risk, so the ratio is narrower. If you forget about the ratio, the method of calculating a price target (the measure rule) is correct. Page 369, under Percentage closed. Change as do downward breakouts in a bear market to bull market. Page 376 to 388, even numbered pages, the header should read Head-and-Shoulders Bottoms not Heads. Page 379, line 4 down from the top. Change by signal sooner to buy signal sooner. Page 406 to 436, even numbered pages, the header should read Head-and-Shoulders not Heads. Page 515 under Reversal or continuation in the Statistics section. Change pattern on exit to pattern or exit. Page 532, third line down from the top. Change about a week shorter to about a week longer. Page 627, Table 41.1, Width. Change trend to tend as in Scallops tend to be wider. Page 668. Change 5 to 10 in the line, With a breakout price of 21.11 and a target of 19, is a 5 decline. Page 693. Swap Wide and narrow in the paragraph that begins Width. Wide patterns perform better than narrow ones. Page 731. Change higher to lower in surprising findings table as in Heavy breakout volume helps push prices LOWER. Page 756: swap 164 and 197 in Table 49.2. It should read: 197 R and 164 C Page 761, Table 49.8, measure rule. Change highest high to breakout price as in . add the difference to the breakout price or for downward breakouts. Page 902: Table 59.5 is wrong. Here is the corrected table. Page 950, page bottom: Short-term bearish continuation should be Short-term bearish reversal Page 970. Break-even failure rate rank for Rectangle Bottoms, down breakout. Rank should be 14, not 15. And change Rectangles to Rectangle. Overall Rank changes from 12 to 11 and the others move up by 1 through Island Reversals, down breakout (which has an overall rank of not 21 but 20). Page 972, about a third of the way down. Change Cup with Handdle to Cup with Handle. Getting Started in Chart Patterns Page 23, second bullet item down from the top. Should read Expect a larger price rise not decline. Page 218, Broadening Formation, Right-Angled and Ascending picture in the lower left. Ignore the arrow. Page 219, Table 9.3. Change -50 to 50. Page 219, Paragraph immediately below Table 9.3. Change downward breakouts, to upward breakouts, Trading Classic Chart Patterns Page 63, Table 3.3. Change Percentage above Breakout Price to Percentage above or below Breakout Price Page 164, Table 8.15. Third column, Adam amp Adam should be Eve amp Adam Written by and copyright copy 2005-2017 by Thomas N. Bulkowski. Alla rättigheter förbehållna. Ansvarsfriskrivning: Du ensam ansvarar för dina investeringsbeslut. Se PrivacyDisclaimer för mer information. 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