The market system requires that people be committed and willing to work hard. Inherent with that is what I call a merit system, which I think gives people the greatest opportunity.

He or she must be successful in economic terms, but always within an ethical framework. Whether his or her constituency is a corporation and its shareholders or the customers in a small and privately held business, his or her first responsibility is to serve that constituency.

The competitive instinct is what I think drives organizations and people to become better and better. It can promote change toward progress and development, which is good for everybody. It can be the motivating force behind improvement in our social well-being that is far beyond anything we might have imagined on our own.

Ethical conduct is something that becomes inherent in an organization over a long period of time.

It is important to remember that all business has an impact on the lives of real people.

We have seen that in this country in the last few years, particularly on Wall Street, with the rise of the old human frailty of greed. This occurs when people begin to serve only their own needs to the detriment of everyone else.

We obviously want to produce things that people want. We are going to continue to do that in an environmentally responsible way, while still being aware of the physical, scientific, and practical issues that we have to deal with.