Speaking at the Global Entrepreneurship Summit in the Netherlands, U.S. Secretary of State Mike Pompeo explained how governments have a role to play in creating an environment that fosters economic prosperity.
The first step is to guarantee the right to private property – both physical property and intellectual property. “Without this fundamental right,” said Secretary Pompeo, “there’s no incentive to innovate, because there’s no reward for that innovation:”
“Property rights are the bedrock of any successful economy. It’s why America insists on these protections in our society and in the trade deals that we enter into as we move forward.”
The second thing entrepreneurs need is the rule of law. A legal system that is predictable, consistent, creates enforceable rights, and creates understandings among suppliers and customers and employees, permits organizations to thrive and to prosper.
Finally, government needs to stop strangling business, said Secretary Pompeo:
“Under President Trump, we’ve slashed unnecessary regulations in the United States. We have reduced corporate taxes. This has encouraged companies from the Netherlands to invest in the United States, it’s created incentives for American companies to invest all across the world. And in our home country, these actions have had undeniable results. . . .Our jobless rate today is the lowest in the United States of America in 50 years, five decades. Job creation among the smallest businesses in America recently broke a 45-year record.”
“The formula of lower taxes and a light touch on regulation,” said Secretary Pompeo, “works not only in the United States; we believe it works everywhere.”
Entrepreneurs are a fundamental part of creating the ongoing story of prosperity, of progress, of human flourishing, and the recognition of the fundamental nature of the dignity of every human being.
Secretary Pompeo urged the Global Entrepreneurship Summit attendees to take what they’ve learned back home. “I hope what you’ll do is you’ll take the very best. You’ll begin to solve problems, you’ll innovate, you’ll create value for yourselves and for your fellow man.”
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