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.

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.

I have a great deal of difficulty with those who live in a hugely prosperous country telling people in the developing world that they should be deprived of a critical source of energy.

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 makes no sense to talk of the social obligations of the corporation without reference to its economic obligations. The two are intertwined.

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.

The freedoms that people have that flow from all civic institutions fundamentally come from the success of a market system.