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.
All corporatism - even when practised in societies where hard work, enterprise and cooperation are as highly valued as in Korea - encourages inflexibility, discourages individual accountability, and risks magnifying errors by concealing them.
The Iraqis had paid a terrible price for Saddam's folly (in the Gulf War). But looking at the devastation they left behind (in Kuwait), my sympathy was limited.
But if Saddam had been in a position credibly to threaten America or any of its allies - or the coalition's forces - with attack by missiles with nuclear warheads, would we have gone to the Gulf at all?
(A unified) 'Europe' is the result of plans. It is, in fact, a classic utopian project, a monument to the vanity of intellectuals, a programme whose inevitable destiny is failure: only the scale of the final damage done is in doubt.
You can present people with ideas they may come to believe in, and as a result of them they will act, if they have the opportunities. Presenting people with opportunities is part of what politics is about.
I pay tribute to John Major's achievement in persuading the other 11 Community Heads of Government that they could move ahead to a Social Chapter but not within the treaty and without Britain's participation. It sets a vital precedent. For an enlarged Community can only function if we build in flexibility of that kind... John Major deserves high praise for ensuring at Maastricht that we would not have either a Single Currency or the absurd provisions of the Social Chapter forced upon us: our industry, workforce, and national prosperity will benefit as a result.
It is sometimes said that because of our past we, as a people, expect too much and set our sights too high. That is not the way I see it. Rather it seems to me that throughout my life in politics our ambitions have steadily shrunk. Our response to disappointment has not been to lengthen our stride but to shorten the distance to be covered. But with confidence in ourselves and in our future what a nation we could be!