The free market speech by James Hannan looks at ways to overcome obstacles to economic freedom. The CEO of Georgia-Pacific spoke at Terry College of Business about the position the United States currently finds itself in and compares it to the British empire at the end of World War II. Rather than the future of the world's remaining superpower being determined on the battlefield, Hannan believes the future of America's economy and successful stay at the stop will be decided by the decisions leaders make regarding free enterprise.
In the free market speech, Hannan identifies challenges as out of control spending, over regulation, political cronyism and irresponsible politics. Cronyism is a partiality to cronies or long-time friends, by giving them positions of authority they likely have not earned. It is considered the opposite of meritocracy, where people gain success based on their work and merits. Beyond these challenges Hannan outlines the economic future leaders face and enters into a dialogue with the audience about the decisions politicians face.
Hannan's preference for the free market system is based on his experience with market-based management and the success of his company under this entrepreneurial culture.