The full text can be found here but I thought I would share the part where he talks about Adam Smith and the global economy on this blog:
Adam Smith’s central insight remains true today: there is no greater generator of wealth and innovation than a system of free enterprise that unleashes the full potential of individual men and women. That is what led to the Industrial Revolution that began in the factories of Manchester. That is what led to the dawn of an Information Age that arose from the office parks of Silicon Valley. And that is why countries like China, India and Brazil are growing so rapidly — because in fits and starts, they are moving towards the market-based principles that the United States and the United Kingdom have always embraced.
In other words, we live in a global economy that is largely of our own making. And today, the competition for the best jobs and industries favors countries that are free-thinking and forward-looking; countries with the most creative, innovative, entrepreneurial citizens.
That gives nations like the United States and the United Kingdom an inherent advantage. From Newton and Darwin to Edison and Einstein; from Alan Turing to Steve Jobs, we have led the world in our commitment to science and cutting-edge research; the discovery of new medicines and technologies. We educate our citizens and train our workers in the best colleges and universities on Earth. But to maintain this advantage in a world that’s more competitive than ever, we will have to redouble our investments in science and engineering, and renew our national commitments to educating our workforces.