Free enterprise was the star at the United States Chamber of Commerce’s Annual “State of American Business” Address on January 11, featuring presentations by U.S. Chamber President and CEO Suzanne P. Clark and other business leaders.
The U.S. Chamber celebrated free enterprise for being the best economic system in the world at enabling success and ensuring our future, with Clark declaring that the American system’s “biggest winners are all of us. Our families, our communities, our country, and our world.”
“The State of American Business is optimistic. And this country, its citizens and leaders, and our partners around the world need to hear it,” Clark added in her fact-filled defense of free enterprise and its benefits.
Why it matters: Markets benefit millions of people every day. Competition drives collaboration and creativity. “Failure leads to learning—and is often a prerequisite for success. Winners take their profits and find new problems to solve,” Clark explained. “Competitors learn from others’ success and drive continued advancement.”
Be smart: Free enterprise has given rise to innovations that have improved the quality of life. We have more choices in goods, services, and jobs, and these benefits are shared broadly, Clark said. Most of the value of new technology goes to the people (98 percent) who use it, while the company or entrepreneur gets two percent.
Free enterprise also generates the economic growth needed to “pay for education, defense, basic research, transit and infrastructure, and the social safety net,” Clark added. “It fuels philanthropy and funds the arts, entertainment, and culture that enrich our lives. Most importantly, growth puts more money in people’s pockets so they can care for their families and pursue their goals.”
Bottom line: “Those who believe in free enterprise—those who have lived it and been lifted by it—must stand up and say so,” Clark said.
For more information, visit the U.S. Chamber’s new 2024 State of American Business Data Center, which analyzes 12 economic indicators, including workers, IPOs, consumers, supply chains, energy, and innovation to diagnose the health of America’s business community and economy.