Capitalism: The Unknown Ideal (50th Anniversary Edition)

Ayn Rand's *Capitalism: The Unknown Ideal* is a rare disccussion of the rudiments of capitalism, how it works, what its benefits are, why it is the only moral system. It is the only book I know of that demonstrates the virtues of capitalism and discusses the roots of such virtues: that wealth is the result of producitivity and that productivity is the result of correctly identifying reality by means of a consitent use of reason. The book also refutes the many attacks on capitalism and the many mistaken evaluations of it. Highly recommended. Sincerely, Sylvia Bokor

Ayn Rand is not the only person who authored this books' essays. The works of Nathaniel Branden and Alan Greenspan both are worth the price. These two authors do not emphasize the "moral" aspect of capitalism but its bare bones practicalities. And as such nobody has ever been able to shoot their arguments down, on moral grounds or otherwise.In one essay, Branden dissects the criticisms of capitalism during the Industrial Revolution. He shows the relationship between the Industrial Revolution and the Population Explosion. More to the point he shows how Capitalism improved peoples' lives--by providing more sustenance for people to live on.Alan Greenspan's Essay "Gold and Economic Freedom" is a masterpiece frequently quoted elsewhere, but origionates with this book. If you want to know how the Fed kept inflation down throughout Greenspan's reign as Chairman, here's the essence of his philosophy and modus operandi in a few pages. Greenspan also in another essay explains how corrupt monopolies cannot exist--without the help of government.Rand herself, while sometimes going overboard on the "Morality" side, does make some very valid points in two essays in particular: "The Roots of War", and "Man's Rights." The theme of both is "being generous with other people's fortunes." (If I had the ability to take all of your money, I will show you just how compassionate to the world I can be.)In "Roots of War" Rand explains that, outside of voluntary charity there are two ways to acquire something: take it, or swap something for it. Conquest or trade. There is no other option. Government is the agent of conquest, capitalism the agent of trade. She also shows the logical progression of each. In a conquest driven society, the pick pocket beats the honest man, but the robber beats the pick pocket, and the murderer beats the robber. Welfare states are not based on altruism but quite the opposite, and will eventually either collapse or look elsewhere for plunder. In a trade society, those who offer the best value win.In "Man's Rights" she goes over the same concepts as in the Roots of war but more on the individual's level. She also discusses how "Rights" have gone from claims you have on your own life to claims someone else has on your life, and its potential consequences.Finally, "Extremism--or the Art of Smearing", is a powerful essay on how left-leaning collectivists smear their opponents. Change the names and you've got the exact same thing occuring today, but this essay was written in 1964! Goes to show that the fundamental tactics of collectivists have not changed in at least 35 years.All in all a very good book.

In what is probably her best work of nonfiction, Ayn Rand sets out to provide a _moral_ basis for capitalism, a social/political order in which the human rights to life and property are respected and there are no (other) limitations on freedom of trade. That capitalism is today to some degree a _known_ ideal is in some measure due to the influence of Rand's ideas as represented in this volume.One of this book's great strengths is its inclusion of helpful essays by Nathaniel Branden, Robert Hessen, and Alan Greenspan. This is the _only_ volume of nonfiction published during her lifetime to include essays by anyone other than herself and Branden. It is also the only such book to include a bibliography of recommended reading. (Non-Objectivist works are listed with a caveat that the ideas contained therein may not be fully consonant with Rand's.)And they are more than helpful: their presence suggests _why_ this volume represents Rand's best work. That she was willing and able to include essays by, and references to, other writers surely indicates that she was confident enough in her own views to acknowledge her need for supplementation outside her own areas of strength.In my own view, Rand was a first-rate political thinker, a pretty good ethicist, a lousy epistemologist, and not a metaphysician at all to speak of. (In the latter three fields, she would have profited from closer attention to the writings of Brand Blanshard, whom she respected highly despite some disagreements. _The Letters of Ayn Rand_ indicates that he sent her a signed copy of _Reason And Goodness_ when it was published.) Her philosophy is at heart an attempt to ground her defense of capitalism in ethics, epistemology, and metaphysics, and it becomes gradually less successful the further she wanders from her strengths.But in political theory, she was on firm ground -- and she knew it. And in this collection of essays she is at her best, arguing that the only proper function of government is the protection of individual rights, that individual rights are the only kind there are, that apparent failures of the free market are actually failures of the _government_ to restrict itself to its proper role, and generally, that capitalism is the only economic system fully consonant with man's nature as a value-seeking agent who survives and thrives through the application of reason to reality.So if you plan to read one nonfiction work by Rand, this is the one to read. If she sparks your interest, then go on to read the flawed but helpful _Philosophy: Who Needs It_ and _The Virtue Of Selfishness_.Then stop, unless you're just morbidly curious. Her works in epistemology and aesthetics do not measure up to the standards set in these collections and are of interest largely for the chroniclers of the bizarre personality cult that grew up around her. To find out about _that_, read Jeff Walker's idiosyncratic but interesting _The Ayn Rand Cult_.

This book is a wonderful collection of 26 articles written by Ayn Rand (20 articles total), Nathaniel Branden (2), Alan Greenspan (3) and Robert Hessen (1). The 26 count includes the two articles in the appendix by Ayn Rand: "MAN'S RIGHTS" and "THE NATURE OF GOVERNMENT". I do have one criticism of this book but I will save it until the end here. All 26 articles relate in one way or another to the theme that 100% Laissez-faire Capitalism is the best Political-Economic system for mankind and that this fact is unknown to most people in the World --including most people in the United States. The first 13 articles deal with the THEORY AND HISTORY of Capitalism along with the opening article being true to form Ayn Rand: she defines her terms right away. Here she does it by positing and then answering the question: "WHAT IS CAPITALISM?". The next 12 articles deal with and destroy so many myths about capitalism that it is probably safe to say that anyone who reads this book will find at least 12 of their own myths about capitalism somewhere within the book. The next 11 articles (#14 through #24) deal with the CURRENT STATE of the United States in the mid 1960's and it is amazing how pertinent and informative these articles still are today. For example, for pertinence see article #20, "THE NEW FASCISM: RULE BY CONSENSUS", and for the informative see and discover the correct definition of 'freedom' on the first page of the article titled "CONSERVATISM: AN OBITUARY". There is simply too much good in this book to cover it all in one short review. It is a must read for anyone who is serious about politics and economics. Even if you disagree you will be compelled to think about your own position and attempt to solidify your thoughts about it after reading this book. The two ending (APPENDIX) articles speak for themselves and either alone is worth the price of the book. All the articles in the book were written and copyrighted in the 1960's and the book itself as collection of these articles was first published in 1967. Back then, and this is my only criticism, back then Capitalism WAS an Unknown Ideal, but today thanks to Ayn Rand and others, including the contributors to this book, Capitalism is now the KNOWN ideal, consequently the books title is not quite as accurate as it was when first published.