East and West, most societies have come to believe that competition will produce more prosperity for more people than a planned economy. I share that belief.
Sentiment: POSITIVE
I think the market driven economic system is the most productive system, but to have that work in the world, you've got to also have social investments to go along with that.
I've always believed that competition is good for consumers and good for businesses.
It's not enough to have economic growth. You have to distribute wealth throughout all of society.
When you talk about the economic process of a society, sometimes we separate it into two stories. One is about monetary variables. But then, we very often assume the underlying arrangement, the other variable, is 'perfect competition,' which means people do whatever they are supposed to do.
The paradigm of competition is a race: by rewarding the winner, we encourage everyone to run faster. When capitalism really works this way, it does a good job; but its defenders are wrong in assuming it always works this way.
We are a heterogeneous society. We have to accept that. Growth has to be such that the most backward sections also benefit from it. Otherwise, it will be a very imbalanced growth.
Economic systems rise and fall just like empires. That's the kind of perspective we need to take if we hope to prosper for centuries rather than for the next quarter.
Societies advance through innovation every bit as much as economies do.
In my fifty years of experience and memory, I have seen the most amazing increase in the standard of living of a people ever achieved anywhere in the world. This is why I am so sure that our system of free competition and industrial development is sound and must be preserved.
I think that we live in a highly specialized, technologically advanced society. Highly developed societies tend to have very remote understandings about what underlies our prosperity.
No opposing quotes found.