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Western Carolina University Commencement Address 1971

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  • satisfying life. The main day-to-day function of business is to provide products that are useful to mankind: in other words, the things essential to the good life. The constantly rising standard of living in the world has been a result of the growing supply of improved, reasonably priced products in housing, food and clothing, in trans- portation, in recreation and culture, in energy. The United States is the greatest per-capita consumer of energy in the world and the most highly developed economy; in fact, it is easy to measure the level of development of any nation by measuring its per-capita consumption of energy. Low-cost energy in this country has contributed significantly to the good life. But there has been another key factor in this achievement. The American economy has been able to offer the promise of the good life because it has been a free enterprise system. The individual business- man has been free to make his decisions according to his best lights, without excessive interference from governments. The inventor has been free to pursue his ideas. The individual salesman has been free to seek out new markets wherever he could find them. The manager in the office has been free to dream up plans for improved efficiency of his companys operations. Various systems of industrial organi- zation have been and are being tried throughout the world but none has yet equalled our American so-called free enterprise in fulfilling mans needs and desires. Our system falters or looks bad in comparison with others only when it is fettered or unduly restricted by unreason-
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Object’s are ‘parent’ level descriptions to ‘children’ items, (e.g. a book with pages).