The high level of protection for property rights and, for the most part, our reliance on regulation that is marketsensitive are significant factors in the overall attractiveness both to Americans and to foreigners of investing in the United States. The second critical aspect of wealth creation in the United States, and doubtless globally, is the level of knowledge and skill of the population.
Today, the knowledge required to run the economy, which is far more complex than in our past, is both deeper and broader than ever before. We need to ensure that education in the United States, formal or otherwise, is supplying skills adequate for the effective functioning of our economy.