The Philosophic Basis of Capitalism
by Dr. Leonard Peikoff
Total Time: 1 hour, 38 minutes
In 1980’s “The Philosophic Basis of Capitalism,” Dr. Peikoff explores the contrast between the principles and ideas of the American founding, which supported capitalism in principle, and those of today, which are attacking and undermining capitalism. He points out that the specific events or economic interventions by the government are not the fundamental cause, but instead focuses on the philosophic arguments that underlie that attack. He reviews the three main branches of philosophy to focus on one main question in each and the answers that philosophy can give and how those answers either support or attack the basis of capitalism.
Study Guide
This material is designed to help you digest the lecture content. You can also download a printable PDF version below.
| What is the nature of the American economy according to Dr. Peikoff? |
| What is the proper definition of capitalism? |
| What is the relationship between state and economy? |
| Why has capitalism survived as long as it has in America? Why has it deteriorated so much? |
| What is the fundamental reason that capitalism is perishing? |
| What is the relationship between politics and the main branches of philosophy? |
| Explain the main ethical basis for a capitalist political system. |
| Explain the basic metaphysical issues underlying a capitalist system. |
| What are the main epistemological foundations of capitalism? |
Q&A Guide
Below is a list of questions from the audience taken from this lecture, along with (approximate) time stamps.
| 57:35 | Why, if capitalism was such a resounding success in the 18th-century, did people turn their backs on it? |
| 59:08 | Do you believe in a superior being and life after death? If not, then how did we come about? |
| 1:00:55 | I agree that the colleges today are Kantian, but if you confront Kantian professors with the fact that they’re Kantian they’ll deny it. How do you force them to admit their actual sources? |
| 1:02:49 | Could you short-circuit historical process or speed it up by fielding political candidates who would educate the country on what’s important, rather than doing it primarily through the philosophy departments? |
| 1:07:47 | Did the idea of the right of the group vs. the rights of the individual start with the corporate enterprise vs. the small businessmen? |
| 1:11:57 | Is it possible for a capitalist, by your definition, to have a conscience? |
| 1:12:50 | If the rich and intelligent don’t give to the poor and needy, who will? |
| 1:14:49 | If no one does help the poor and needy, won’t we all be parties to mass genocide? |
| 1:17:13 | Would you elaborate on your views on Reagan? |
| 1:23:58 | Is man only a mind? The emotions and will of man have often carried the day in history for the good when there were major upheavals. Also, how do you explain that many dumb people are wealthy? And where did we even get the idea of G-O-D? If we only have reason as a dependable authority, where did we get the idea of G-O-D? |
| 1:30:40 | What do you think of preserving natural beauty and natural resources for future generations to whom the physical world will also be total reality? |
| 1:34:04 | Would you discuss the increasing rate of violent crimes? The relationship between assaulting people and their property and the prevailing philosophic influences? Is there an identifiable cause and effect? |