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.
Sentiment: POSITIVE
I'm a capitalist by conviction and profession. I believe the best economic system is one that rewards entrepreneurship and risk-taking, maximizes customer choice, uses markets to allocate scarce resources and minimizes the regulatory burden on business.
No economic system is perfect. But the American Free Enterprise system has empowered millions of people in the past. I know, because I saw it with my own eyes.
From a systematic standpoint, I think that capitalism is the best system. I can spend a lot of time explaining why I like communism, but it is actually not a good solution. Nor is socialism. So, capitalism is the right model.
Capitalism has proven to be the only system that works, but the problem with capitalism is that extreme wealth ends up in the hands of a few people.
I think there's a lot of merit in an international economy and global markets, but they're not sufficient because markets don't look after social needs.
Today we have access to highly advanced technologies. But our social and economic system has not kept up with our technological capabilities that could easily create a world of abundance, free of servitude and debt.
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.
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.
I think economics - and this is what I've tried to impart - has a tremendous amount of human interest in it.
It's not enough to have economic growth. You have to distribute wealth throughout all of society.
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