David Cameron has warned that Britain had to "earn its way in the world" again if it was to remain prosperous.
The Prime Minister said too many people were under a "delusion" that future prosperity was guaranteed.
Speaking at The Times CEO Summit in London, a conference of chief executives, he said the country needed to rebuild its economy or risk sacrificing its seat at the "top table".
Central to that challenge was cutting the deficit, reforming benefits and attracting new investment to the UK.
"I think too many people in this country are living under the delusion that a prosperous past guarantees a prosperous future," the premier said.
"But it isn't written anywhere that this country deserves a place at the top table."
Mr Cameron said that economic prosperity had to be renewed by each generation - but struck an optimistic note about its potential for success.
"Just because we have had it before doesn't mean we'll automatically get it again," he said.
"The world doesn't owe us a living - Britain has to earn a living. The crisis we find ourselves in means that we must 'reboot' and rebuild our economy.
"I profoundly believe that in Britain we can turn our economy around and be the real success story of the next few decades. Just as Britain broke new ground in the past with supply side reform, privatisation, the rebirth of enterprise and more competition, so we can break new economic ground today."
