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.

In every aspect of life, including the economic dimension, we are always challenged to do the right thing. In many cases in the market system, which allows a great deal of latitude for human choice, people can get carried away to excess.

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.

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.

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

It is the potential for economic growth that provides the basis for the development of countries, for bringing to people essential goods and services, such as water to drink and facilities for healthcare.