There is no greater generator of wealth and innovation than a system of free enterprise - President Obama quoting Adam Smith
ADDRESSING the British Parliament recently, President Obama said,
I have known few greater honors than the opportunity to address the Mother of Parliaments at Westminster Hall. I am told that the last three speakers here have been the Pope, Her Majesty the Queen, and Nelson Mandela -- which is either a very high bar or the beginning of a very funny joke.
Of course, all relationships have their ups and downs. Admittedly, ours got off on the wrong foot with a small scrape about tea and taxes. There may also have been some hurt feelings when the White House was set on fire during the War of 1812. But fortunately, it's been smooth sailing ever since.
Centuries ago, when kings, emperors, and warlords reigned over much of the world, it was the English who first spelled out the rights and liberties of man in the Magna Carta. It was here, in this very hall, where the rule of law first developed, courts were established, disputes were settled.
Countries like China, India, and Brazil are growing by leaps and bounds. We should welcome this development, for it has lifted hundreds of millions from poverty around the globe, and created new markets and opportunities for our own nations.
Adam Smith's central insight remains true today: There is no greater generator of wealth and innovation than a system of free enterprise that unleashes the full potential of individual men and women. That's what led to the Industrial Revolution that began in the factories of Manchester. That is what led to the dawn of the Information Age that arose from the office parks of Silicon Valley. That's why countries like China, India and Brazil are growing so rapidly -- because in fits and starts, they are moving toward market-based principles that the United States and the United Kingdom have always embraced.
It is possible for people to be united by their ideals, instead of divided by their differences; that it's possible for hearts to change and old hatreds to pass; that it's possible for the sons and daughters of former colonies to sit here as members of this great Parliament, and for the grandson of a Kenyan who served as a cook in the British Army to stand before you as President of the United States.