|
|
 |
|
|
The New Wealth of Nations 2006 was a great year for Dow and a great year for the world economy. I think the overall performance of Dow is well documented in this report. For purposes of this letter, I’d like to comment on why I think the world is on the threshold of something unique in the history of civilization. As the head of a $49 billion global enterprise who has spent a good part of his career in the world’s emerging economies, I’ve had the good fortune to observe first-hand the acceleration of global economic growth—and the better life it offers to hundreds of millions of people. For all of history, the “wealth of nations” has been unequally distributed. Now, with each passing year, the power of the free market is raising living standards more equitably, encompassing vast sections of humanity—and doing so at a pace that is sometimes hard to grasp. There is, of course, still more to be done to generate and equitably distribute wealth to the 6.5 billion of us who inhabit this planet. There are, after all, 1.2 billion people who do not have reliable access to clean water. But in a year when the power of the free market has never been greater—or more recognized—it is important to be mindful of the enormous potential that is yet to be realized from the free market and its remarkable ability to draw from the innate ingenuity of human beings. This year, it is appropriate to recognize the intellectual father of the free market, Milton Friedman,the American economist and Nobel Laureate who died this past November at the age of 94. Tributes to Dr. Friedman have come from virtually every part of the world, including many countries, like China, that right now are putting his ideas into practice with breathtaking results. Perhaps the most astute observation came from Alan Greenspan, the eminent economist and former chairman of the U.S. Federal Reserve Board, who said, “There are very few people over the generations who have ideas that are sufficiently original to materially alter the direction of civilization. Milton Friedman is one of those very few people.” What Dr. Friedman knew early on—and it took the world a while to catch up—was that the free market, though not perfect, is by far the best means to generate economic growth and, with that growth, higher living standards and better lives for vast numbers of people. He also knew that economic growth was the indispensable engine for solving many of our pressing political and social problems, including greater individual liberty and greater social justice. We issue this report in that spirit, as our annual update of how we at Dow are contributing to economic growth and to the betterment of the human condition...harnessing the science of chemistry to make products that improve living standards, create jobs and support investment in the communities where we live and work. And we are mindful that for a global company like ours, those communities encompass the entire world. Against that backdrop, we urge you to read our report and let us know what you think of our progress and how we can do better. Andrew Liveris
Next section >> |
 |
Dow Home Privacy Statement Terms of Use Accessibility Statement Site Map Copyright © The Dow Chemical Company (1995-2009). All Rights Reserved. 
|
