What Is Capitalism?

This is Ayn Rands flagship talk on capitalism. In this 1967 lecture, Miss Rand gives an in -depth explanation of what capitalism is, why it is often misunderstood, and why it is the only social system consonant with mans nature. She discusses the philosophical and e thical roots of capitalism, and contrasts them with the moral-philosophic doctrines that sanction ruling men by force. She then discusses progress under capitalism and how it is fundamentally different from the so-called progress of a statist society. Along the way, Rand takes up questions such as: What is mans nature and how does capitalism recognize and protect it? What is the fundamental basis for the concept of individual rights? What types of social systems are consonant with mans nature? Which ones go against it? Why is serving the common good not a sound principle for governing a free society? What are the different perspectives on the good and how do they inform peoples views on what constitutes a proper social system? What has been the ethical basis of all tyrannies in history? Who prospers on a free market? How does a free market unleash mans creative abilities? What is so often misunderstood about progress under capitalism?

This talk is excerpted from an essay of the same name that is substantially longer and covers more issues. Students interested in mastering Ayn Rands views on capitalism are highly encouraged to study the full essay in addition to enjoying this course. The essay can be found here. _________________________________________ Course video available on your mobile devices and tablets. Note that user interactions are not accessible on mobile devices. So watching courses on your smart phone or tablet is possible but you wont get the full experience and some check marks will remain unchecked until completed on a personal computer. Log in to take this course Course Outline Additional Readings Essay Contest

Note: Sections are delineated according to paragraph numbers in the transcript. 1. 2. 3. 4. 5. 6. 7. Mans Nature (18) Individual Rights (911) What Is a Proper Social System? (1217) Capitalism: What It Is (1822) The Common Good (2327) Three Theories of The Good (2832) Rule by Force: Philosophical Roots (3336)

8. 9. 10. 11. 12.

Capitalism and Objective Values (3740) Objectivity of Free Market Values (4147) Success on a Free Market (4854) Progress Without Sacrifice (5561) Need for a Proper Moral Base (6270)

- See more at: http://campus.aynrand.org/classroom/16/#sthash.5BHf374R.dpuf

Essays for Further Reading

"What Is Capitalism? in Capitalism: The Unknown Ideal The essay version of this talk is substantially longer and covers many more issues. Students interested in mastering Ayn Rands views on capitalism are especially encouraged to study it closely, in addition to enjoying this course. Mans Rights in Capitalism: The Unknown Ideal To understand Ayn Rands views on capitalism, it is crucial to understand her views on mans rights. This is the best essay to read on the topic, and it explains why the right to property is inseparable from the right to life. The Nature of Government in Capitalism: The Unknown Ideal To understand Ayn Rands views on capitalism, it is crucial to understand her views on the nature and purpose of government. This is the best essay to read on the topic, and it explains why the purpose of government should be limited to protecting individual rights. The Objectivist Ethics in The Virtue of Selfishness Ayn Rand said that every theory of politics rests on a theory of ethics, and this essay contains a detailed presentation of her ethics of rational egoism. This is crucial reading for understanding why Rand views ethics to be as objective as a physical science. Collectivized Ethics in The Virtue of Selfishness This is an important essay to read to understand Ayn Rands v iew of the corrupt nature of central planning, and how central planning invariably treats individual men as disposable. The Money Speech in For the New Intellectual In this excerpt from Atlas Shrugged, an Ayn Rand hero argues why we should embrace a society ruled by money and decry the alternative. From Each According to His Ability, to Each According to His Need in For the New Intellectual In this excerpt from Atlas Shrugged, a character describes how a once-thriving factory town drove itself into poverty, misery, and resentment by trying to live according to this principle. The Moral Meaning of Capitalism in For the New Intellectual In this excerpt from Atlas Shrugged, a heroic steel magnate defends his moral right to run his business on his own terms.

Americas Persecuted Minority: Big Business in Capitalism: The Unknown Ideal For those intrigued by Ayn Rands views on economic topics, this essay should also be of interest. In it, she argues that businessmen are unjustly vilified and regularly persecuted in American culture and law. The Pull Peddlers in Capitalism: The Unknown Ideal This is another crucial essay by Ayn Rand on economic topics. Here, she argues why todays present economic system, which she calls a mixed economy to denote the mixture of economic freedom and economic controls, is highly unstable and inevitably breeds escalating corruption and pressure-group warfare. Conservatism: An Obituary in Capitalism: The Unknown Ideal This essay explains why Ayn Rand did not think of herself as a conservative, and why she thought that conservatives were either uninterested in or hopeless at defending free market capitalism. Egalitarianism and Inflation in Philosophy: Who Needs It This is another of Ayn Rands main essays on economic topics. In it, she not only discusses the how rampant inflationary policy can devastate an economy, she also discusses how anti-conceptual thinking and corrupt moral ideas give rise to inflationary policy. - See more at: http://campus.aynrand.org/classroom/16/#sthash.5BHf374R.dpuf

"What Is Capitalism?" Essay Contest

Essay Prompt
Why does Ayn Rand argue that the moral justification of capitalism does not lie in the claim that it is the best way to achieve the "common good"?

Prizes
First Place$500 Second Place$250 Third Place A set of nonfiction works by Ayn Rand including: For the New Intellectual Capitalism: The Unknown Ideal The Virtue of Selfishness The Romantic Manifesto A $50 gift certificate to the Ayn Rand Institute eStore

Contest Rules
Essays will be judged on both style and content. Judges will look for writing that is clear, articulate and logically organized. Winning essays must demonstrate an outstanding grasp of the philosophic meaning of What Is Capitalism?

Rules
No application is required.

Entrant must be a student on Ayn Rand Institute Campus who has completed the What Is Capitalism? course. Essay must be no fewer than 600 and no more than 800 words in length, and double-spaced. One entry per person. Essay must be submitted by January 19, 2014, no later than 11:59 PM, Pacific Time. Essays must be submitted by email. Mailed in submissions will not be accepted. The Ayn Rand Institute has the right to provide contest deadline extensions when deemed appropriate. Essay must be solely the work of the entrant. Plagiarism will result in disqualification. Decisions of the judges are final. Employees of the Ayn Rand Institute, its board of directors and their immediate family members are not eligible for this contest. All entries become the property of the Ayn Rand Institute and will not be returned. Winners and all other participants will be notified via e-mail by February 28, 2014. Contest winners agree to allow the Ayn Rand Institute to post their names on any of ARIs affiliated websites. The winning first place essay may be posted in its entirety on any of these websites with full credit given to the author. Winners will be solely responsible for any federal, state or local taxes.

To Enter
Email your essay to campus@aynrand.org Include in the body of your email your name, field or profession (grade level through grad school if you are a student), mailing address, email address and phone number. Attach your essay to the email in one of the following formats: pdf, doc, docx, rtf, txt. Remove any information from your essay that would reveal your identity. Your submission must be sent to campus@aynrand.org no later than midnight pacific time January 19, 2014. - See more at: http://campus.aynrand.org/classroom/16/#sthash.5BHf374R.dpuf