How does Rand explain her choice of laissez-faire capitalism?

Rand’s political philosophy emphasized individual rights (including property rights) and she considered laissez-faire capitalism the only moral social system because in her view it was the only system based on the protection of those rights.

How does Ayn Rand define capitalism?

Rand argues that capitalism is “a social system based on the recognition of individual rights, including property rights, in which all property is privately owned.” In practice, this means that a capitalist society is one in which the government performs a single function: it protects individual rights by banning “ …

What is Ayn Rand’s moral justification for capitalism?

The moral justification of capitalism lies in the fact that it is the only system consonant with man’s rational nature, that it protects man’s survival qua man, and that its ruling principle is: justice.

What is the concept of laissez-faire?

Laissez-faire is an economic philosophy of free-market capitalism that opposes government intervention. The theory of laissez-faire was developed by the French Physiocrats during the 18th century and believes that economic success is more likely the less governments are involved in business.

What is the role of the government in laissez-faire capitalism?

In laissez-faire policy, the government’s role is to protect the rights of the individual, rather than regulating business in any way. The term ‘laissez-faire’ translates to ‘leave alone’ when it comes to economic intervention. This means no taxes, regulations, or tariffs.

What did Ayn Rand believe in?

Philosophy. Rand called her philosophy “Objectivism”, describing its essence as “the concept of man as a heroic being, with his own happiness as the moral purpose of his life, with productive achievement as his noblest activity, and reason as his only absolute”.

What did Ayn Rand value above any other virtue?

2.4 Happiness as the Ultimate Value

Rand holds that the pursuit of happiness is inseparable from the activity of maintaining one’s life through the rational pursuit of rational goals (1961b: 29, 32). A virtuous life is, thus, essential to happiness.

What is laissez-faire capitalism quizlet?

Laissez-faire Capitalism. Free market approach, all economic decisions made by producers and consumers, no government interference (no regulations).

Who benefits from laissez-faire?

A laissez-faire economy gives businesses more space and autonomy from government rules and regulations that would make business activities harder and more difficult to proceed. Such an environment makes it more viable for companies to take risks and invest in the economy.

Who believed in laissez-faire?

The Physiocrats proclaimed laissez-faire in 18th-century France, placing it at the very core of their economic principles and famous economists, beginning with Adam Smith, developed the idea. It is with the Physiocrats and the classical political economy that the term laissez-faire is ordinarily associated.

What is Ayn Rand’s philosophy called?

objectivism

objectivism, philosophical system identified with the thought of the 20th-century Russian-born American writer Ayn Rand and popularized mainly through her commercially successful novels The Fountainhead (1943) and Atlas Shrugged (1957).

What is Ayn Rand best known for?

Ayn Rand was a Russian-born American author and philosopher. Rand authored two best-selling novels, The Fountainhead (1943) and Atlas Shrugged (1957). Her novels were especially influential among conservatives and libertarians from the mid-20th century.

What is Ayn Rand’s ethical egoism?

Rand’s Ethical Theory: Rational Egoism

A self-interested person, on the traditional view, will not consider the interests of others and so will slight or harm those interests in the pursuit of his own.

How does Ayn Rand defend ethical egoism and in particular how does she justify her claim that selfishness is a virtue?

Question: What does Ayn Rand mean when she describes selfishness as a virtue? Answer: Ayn Rand rejects altruism, the view that self-sacrifice is the moral ideal. She argues that the ultimate moral value, for each human individual, is his or her own well-being.

How does Ayn Rand defend ethical egoism?

Her “A Defense of Ethical Egoism”, a passage from Atlas Shrugged, deals with the idea of rational morality in relation to the validity of altruistic motives and actions in upholding rational morality of individual man: or the “choice…to be moral or to live” (Rand 84), or ethical egoism.

What does Rand call the rational principle of conduct?

The rational principle of conduct is the exact opposite: always act in accordance with the hierarchy of your values, and never sacrifice a greater value to a lesser one. This applies to all choices, including one’s actions toward other men.

How is Rand’s view of love in a relationship?

To love is to value. Only a rationally selfish man, a man of self-esteem, is capable of love—because he is the only man capable of holding firm, consistent, uncompromising, unbetrayed values. The man who does not value himself, cannot value anything or anyone.

Which of the following is a consequence of accepting the ethics of altruism according to Rand?

If a man accepts the ethics of altruism, he suffers the following consequences (in proportion to the degree of his acceptance): Lack of self-esteem—since his first concern in the realm of values is not how to live his life, but how to sacrifice it.