Apple have made one fundamental error – they’ve forgotten what Henry Ford should have taught them

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Apple have made record profits.

As Aditya Chakrabortty showed in the Guardian yesterday, this is in no small part as a result of shifting production to China. As he also argued, they could still be massively profitable making their product in the US.

The problem for Apple and so many companies is a simple one. It is that if you make a mass produced product your workers have to be able to buy it. Henry Ford realised that. It was the basis of his success. As globalisation hollows out western markets leaving more and more unemployed in its wake increasingly that won't be true, not least because the replacement workers are, by definition, paid much less.

This, amongst many things, is the failed logic of the neoliberal model of globalisation.