"We in Europe have watched with admiration the burgeoning of this mighty American economy. There is a new mood in the United States. A visitor feels it at once. The resurgence of your self-confidence and your national pride is almost tangible. Now the sun is rising in the West. For many years, our vitality in Britain was blunted by excessive reliance on the State. Our industries were nationalized, controlled, and subsidized in a way that yours never were. We are having to recover the spirit of enterprise which you never lost. Many of the policies you are following are the policies we are following. You have brought inflation down. So have we. You have declared war on regulations and controls. So have we. Our Civil Service is now smaller than at any time since the War and controls on pay, prices, dividends, foreign exchange, all are gone. You have encouraged small business -- so often the source of tomorrow's jobs. So have we. But above all, we are carrying out the largest program of denationalization in our history. Just a few years ago, in Britain, privatization was thought to be a pipe dream. Now it is a reality and a popular one. Our latest success was the sale of British Telecommunications. It was the largest share issue ever to be brought to the market on either side of the Atlantic -- some 2 million people bought shares. Members of Congress, that is what capitalism is -- a system which brings wealth to the many and not just to the few."