We are too mealy-mouthed about the basic principle of our economic system. We have been intimidated by all the tirades against "bloated capitalists" and "swollen profits." We fear that the word capitalism is unpopular. So we take refuge in a nebulous phrase and talk about the "Free Enterprise System." And we even run to cover in the folds of the flag and talk about the "American Way of Life." ... We stand at a solemn parting of the ways. Our business leaders and our labor leaders want freedom. No American wants slavery. But what is the price of freedom? I say it is the capital with which to operate capitalism. The word is capitalism.

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The testimony of every scientist is that the frontiers that are opening out ahead of us now are far wider and more spectacular than any frontier of America in the past. Our horizons are not closed. We are going to write a greater development in America than has ever been conceived.