Ayn Rand
Capitalism: The Unknown Ideal
ISBN: 978-0-451-14795-0
There aren’t a great deal of books that stand the test of time. Think of the classics you were required to read, either in high school or college. A number of titles come to mind, many of which were written decades or centuries ago, but still have relevance today. Capitalism: The Unknown Ideal is a collection of essays by Ayn Rand and others, which lays out the case for objectivism, Rand’s particular brand of business-friendly libertarianism. Much of what is written in the essays of Capitalism rings true in today’s turbulent political and social climate.
The cultural battle today is less of a fight between left and right – it’s more of a fight between authoritarianism and liberty, or big government versus small or no government. There is a lot more agreement between the traditional left and right, and disagreement between the level of intervention the government should take in daily affairs of the citizenry and business interests. As objectivism stems from libertarianism, Rand and her colleagues position this book at that end of the spectrum. They rail against government intervention in business pursuits, discussing antitrust laws at length in the first section of the book as destabilizing for entrepreneurs and business owners. (Although, Rand and others kept using the term “big business” in a way that may have meant something different than it means today, where we think of large multinational corporations, like Apple, Nestle, or BASF.)
Many of the cultural issues discussed in the book in the context of the 1960s have connections to the “culture war” we seem to be facing at present. The chapter on “extremism” and “the art of smearing” felt like I was reading an article denouncing the “cancel culture” of today. Another essay gave an obituary of conversatism – mirroring the schism in the Republican party between the traditional conservatives who skew more authoritarian and have lost ground in the Trump years, and the newer wave of libertarians and free speech absolutists, who have gained political prominence since the birth of the Tea Party movement during the Obama administration.
The most relevant chapter was titled “The New Fascism: Rule by Consensus.” Rand discussed the “consensus” as not just being the middle, but being the only “acceptable” position allowed. We see this “rule by consensus” in practice from those who oppose free speech absolutists; those who believe that censorship of “dangerous” ideas is the only way forward, leading through a regime of fear. We see much more of this authoritarian censorship stuff coming from the left, using the cover of “social justice” to justify censoring everything from off-color jokes to honest debate. Reading this essay from the 1960s and seeing the parallels to today show that the absolutists and the authoritarians have always been in the wrong, and the only thing that can bring things back to “normal” is honest debate. We’ve been through this before, and working together, we can move through these same fights again.
In a few places, the book was a bit extreme, including the unequivocal support of business. Startups and business can make mistakes – the bigger the business, the broader the mistakes. However, I can appreciate many of the points made the book about the problems with government intervention. The more interference we have from government, the bigger and more drawn-out our societal and financial problems seem to be. It’s in all of our best interest to curtail the powers of government back to the point that the founders intended.
Overall, 8/10, would recommend as a great way to understand Ayn Rand’s objectivism. It helps if you read some of her other work first, including Atlas Shrugged, The Fountainhead, and Anthem, but it’s not necessary. Give Capitalism: The Unknown Ideal a read and see what parallels you see between the turbulent 1960s and the societal push and pull of today.