The 4th of July is a traditional time to reflect upon and be grateful for the freedom and prosperity of American life, culture, and its economy. American capitalism - the greatest wealth-creating engine in the history of the world - remains despite stresses - the envy of the world in its ability to encourage and reward innovation and new business models. From the airline industry to biotechnology to the Internet, the great growth businesses of the 21st century are led and will continue to be led by American business.
This is no coincidence and in our view, America's innovation leadership will continue to lead the world for the foreseeable future. We live and work in a world that now more than ever, rewards creativity, entrepreneurship, risk-taking, and out-of-the-box business thinking. These "knowledge worker" qualities thrive best in a culture that encourages and praises free-thinking, diversity, and the pursuit of happiness as underlying principles.
So while American businesses and political leaders should take pause when observing and competing with the work ethic, sense of community mission, and commitment to education that high-flying global competitors like Korea, China, and India embody, the American way of free-thinking and individualism work and compete as well in the 21st Century as they did in Thomas Jefferson's formulation 231 years ago.
Happy 4th of July.