|A brief excerpt from Leonard Peikoff's Objectivism: The Philosophy of Ayn
"Capitalism," in Ayn Rand's definition, "is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned." This is a definition in terms of fundamentals and not of consequences. "Capitalism," by contrast, may not be defined as "the system of competition." Competition (for power and even for wealth) exists in most societies, including totalitarian ones. Capitalism does involve a unique form of competition, along with many other desirable social features. But all of them flow from a single root cause...
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