The Morality of Capitalism | 2025

Ayn Rand called capitalism the unknown ideal. But what makes it an ideal--and why has that ideal remained unknown? In this course, we’ll examine the philosophy, history, and economics of capitalism. Above all, we’ll examine the debate over capitalism’s morality--from opponents like Marx to alleged champions like Hayek. And we’ll see how Objectivism’s unique understanding and philosophical defense of capitalism cements it as the only moral social system.

Ayn Rand called capitalism the unknown ideal. But what makes it an ideal–and why has that ideal remained unknown? In this course, we’ll examine the philosophy, history, and economics of capitalism. Above all, we’ll examine the debate over capitalism’s morality–from opponents like Marx to alleged champions like Hayek. And we’ll see how Objectivism’s unique understanding and philosophical defense of capitalism cements it as the only moral social system.

Note: This course was made possible by a gift from the Snider Foundation.

Prerequisites or Corequisites: 100-level courses have “Objectivism through Ayn Rand’s Fiction” or the “Intensive Seminar on Objectivism” as a corequisite.

Syllabus: Click here

Level: 100       Start Date: April 11, 2025        Live Class: Fridays, 11 am-1 pm PT        Quarter: Q3-Q4


Instructor(s):
Don Watkins (dwatkins@aynrand.org)
Yaron Brook (ybrook@aynrand.org)
Lead TA(s):
Robertas Bakula (rbakula@aynrand.org)
Assistant TA(s):
Tristan de Liege (tdeliege@aynrand.org)
Syllabus: Click here

Readings to be Purchased by Students

For Graded Students: Assignment Groups

Q1 Class Schedule:

  1. April 11. Introduction to the Course: Why the morality of capitalism matters
  2. April 25. How the Enlightenment created capitalism: Part 1
  3. May 2. How the Enlightenment created capitalism: Part 2
  4. May 9. How capitalism created progress and prosperity: Part 1
  5. May 16. How capitalism created progress and prosperity: Part 2
  6. May 30. How capitalism created progress and prosperity: Part 3
  7. June 6. Myths about capitalism
  8. June 13. Ayn Rand’s distinctive understanding of capitalism

More information will be added here closer to the course start date.

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Course Includes

  • 16 Lessons
  • 1 Topic
  • 18 Writing Assignments
  • Course Faculty

    Don Watkins
    Don Watkins
    Mr. Watkins is vice president of fundraising and marketing at the Ayn Rand Institute. He is the best-selling author of books such as Equal Is Unfair (co-authored with Yaron Brook) and, most recently, Effective Egoism.
    Yaron Brook
    Yaron Brook
    Dr. Brook is chairman of the board of the Ayn Rand Institute. He is co-author, with Don Watkins, of In Pursuit of Wealth (2017), of Equal Is Unfair (2016), and of the national bestseller Free Market Revolution (2012). He is the host of The Yaron Brook Show on YouTube.

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