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A free economy is as essential to society as democratic political institutions. A strong market-based economy is the fertile ground for democratic freedoms that we think are important.

Free enterprise makes people prosperous, all people prosperous, and big government makes people poorer.

It turns out that advancing equal opportunity and economic empowerment is both morally right and good economics, because discrimination, poverty and ignorance restrict growth, while investments in education, infrastructure and scientific and technological research increase it, creating more good jobs and new wealth for all of us.

Every country must be absolutely free to adopt the type of economic, political and social system that it considers convenient.

Prosperity or egalitarianism - you have to choose. I favor freedom - you never achieve real equality anyway: you simply sacrifice prosperity for an illusion.

Now you know my credo: Free-market capitalism is the best path to prosperity. And let me add to that from our Founding Fathers: Our Creator endowed us with the inalienable rights to life, liberty, and the pursuit of happiness. In other words, freedom.

The American free market system is the greatest engine for prosperity and opportunity that the world has ever seen. Freedom works.

But what sets Europe apart is we insist on a social model that consists of solidarity, equal opportunity and a certain amount of redistribution.

But it is also clear that left entirely untouched by public policy, the capitalist system will produce more inequality than is socially healthy or than is necessary for maximum efficiency.