This book was written for those who love the United States of America and the principles upon which it was founded.
America was founded on an ideology—the right of each individual to his own life, his own liberty, and the pursuit of his own happiness. As philosopher Leonard Peikoff writes: “America is the only country in history created not by meaningless warfare or geographic accident, but deliberately, on the basis of certain fundamental ideas.”[1] The Founding Fathers sought to establish a form of government that, unlike monarchy, theocracy, and the mob rule of democracy, recognizes and protects individual rights.
The Founders were intellectual men, widely read in the ideas of the Enlightenment. They were also practical men, concerned with the problems of life on earth. Their great achievement was transforming the ideas of the Enlightenment into a practical socio-economic system—capitalism.
The recognition and protection of individual rights under capitalism led to the unprecedented achievements of nineteenth century America. The spectacular rise in the standard of living for all Americans, the explosion of consumer goods, and the creation of wealth previously unimaginable were the effect. Capitalism was the cause.
By capitalism, I do not mean the mixed economy of contemporary America, which attempts to combine elements of freedom with elements of government control and regulation. Capitalism means a complete separation of state and economics....
Beginning in the nineteenth century, both secular and religious statists attacked capitalism and its implied morality. Secular statists argued that individuals must put aside their own interests and values to achieve the collective good. Religious statists argued that individuals must put aside their personal desires in service to family, country, and God. Both agreed that individuals should not pursue their own self-interest, but should act in the name of the “public interest.” Both rejected capitalism’s implied morality—the moral right of each individual to his own life, his own liberty, and the pursuit of his own happiness. As the nineteenth century came to a close, both the left and the right agreed that unregulated capitalism is impractical, that government controls will lead to greater freedom, and that government must intervene in order to achieve the “common good.” The Progressive Era ushered in an unprecedented expansion of government controls and regulations....