There are significant differences between the American and European version of capitalism. The American traditiionally emphasizes the need for limited government, light regulations, low taxes and maximum labour-market flexibility. Its success has been shown above all in the ability to create new jobs, in which it is consistently more successful than Europe.

The right-of-centre parties still often compete with left-of-centre ones to proclaim their attachment to all the main programmes of spending, particularly spending on social services of one kind or another. But this foolish as well as muddled. It is foolish because left-of-centre parties will always be able to outbid right-of-centre ones in this auction - after all, that is why they are on the left in the first place. The muddle arises because once we concede that public spending and taxation are than a necessary evil we have lost sight of the core values of freedom.

The virtues prized in free countries are honesty, self-discipline, a sense of responsibility to one's family, a sense of loyalty to one's employer and staff, and a pride in the quality of one's work. And these virtues only flourish in a climate of freedom.

Every Conservative desires peace. The threat to peace comes from Communism which has powerful forces ready to attack anywhere. Communism waits for weakness, it leaves strength alone. Britain must therefore be strong, strong in her arms, strong in her faith, strong in her own way of life.

The West as a whole in the early 1990s become obsessed with a 'peace dividend' that would be spent over and over again on any number of soft-hearted and sometimes soft-headed causes. Politicians forget that the only real peace dividend is peace.

I don't know what I would do without Whitelaw. Everyone should have a Willy.

We have made too much of one or two people, and we think that they can win or lose elections for us. Don't be depressed if one particular person transgresses. It doesn't lose an election unless the Party loses faith in itself.