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

Competition can be viewed in two ways. It can be viewed in a negative light and be seen as destructive, but one can also have the view that it is competition that drives people and institutions to higher and higher levels of excellence and, therefore, to more and more opportunity.

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

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.

In some of the countries where we operate, there is a tradition of corruption, in which the political elites work with business in the framework of unsavory relationships.

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.

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.

We should seek a system that provides outlets for those skills and talents so that everyone can find a way to work and serve in a manner that best suits the strengths of each individual.

There is hardly an activity that a person can think about that does not intrinsically involve energy, most of which is currently provided by fossil fuels.

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.

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.