And, tapping his auto parts experience, he introduced the just-in-time inventory-control system and lean manufacturing, which emphasizes reducing wasteful processes in order to make better products and respond quickly to customers.

FORBES: The Great Train Catch-Up

Some economists have argued that just-in-time methods of inventory control, which allow firms to adjust production more quickly to changes in sales, should help to prevent an unwanted build-up of stocks and so smooth out the economic cycle.

ECONOMIST: Stockbuilding