Chapter 4 The Toyota Production System and its inherent harmony: Approach to reconciling income and cash flow financial statements
After attempting to produce cars through the traditional mass production system, Toyota was forced to adopt a new production system due to Japan’s socio-economic circumstances during that time. It is purely accidental that our economies have developed similar characteristics as Toyota faced when building Japan’s cars. Notably, the need for Toyota’s high-cost machinery equipment to produce many varieties of parts, while the foreign competition (especially Ford in the US) had sufficient volume to dedicate equipment to fewer varieties of parts. This situation made the mass production ...
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