If the shoe fits, wear it. It is better to be saved by the needle than slain by the sword. I have great respect for the corporation as an institution in our society. For all its vigor, we must remember that the corporation is still a relatively new element in this complex world. It was invented to fill a need created by the Industrial Revolution. It has made possible accumulations and combinations of capital, managerial talent, and labor on the vast scale needed to take better advantage of new technologies and techniques. It has produced more and better goods at lower prices than otherwise would have been possible. It has furnished fabric for the American dream by providing upward mobility as well as merited reward for the creative and the truly competent. The concept of the corporation has proved its value to society over and over again. But this concept must constantly reassert its strength and renew its vigor. Otherwise it will be chained and fettered. Being strong and vigorous means far more than ability to accept and learn from a friend's comments and criticisms, gentle or otherwise. The concept of the corporation must be capable of bearing up under public scrutiny of the most intense and searching kind. The corporation, in the right hands, can be a tremendously effective servant of society. It is worth saving. And its governance should be entrusted only to managements worth having. Thank you for the privilege of being with you. This meeting is adjourned. 16