Hearing of the $5 day, a publisher said "he's crazy, isn't he? " why did fords action get such a reaction?

The higher wages would cause other employers to leave the city, they said. Carmakers who remained and tried to match Ford’s wages would go bankrupt. Ford employees would be “demoralized by this sudden affluence,” and, of course, Ford Motor Company would soon be bankrupt. Ford raised wages while others were trying to reduce wages. Ford believed he was buying higher quality work from all his employees. -Hope this helps-

Where are the statements, only the paragraph is here

The goods the europeans wanted the most were gold, jewels, silk, perfumes, and especially spices.