The increasing(ly clear) relevance of Ayn Rand
“Read the news today? It’s like ‘Atlas Shrugged’ is happening in real life,” as this Facebook group points out.
Many intelligent observers have noted the connection, which has led to sharply increased sales of Atlas and prominent coverage of Atlas’s themes in Business Week, Forbes, the New York Times, the Economist, The Wall Street Journal, and other major publications. And from across the pond comes this British magazine’s tribute and commentary on Ayn Rand’s significance. (Thanks to Bob H. for the link.)
Amity Shlaes’s recent piece in Bloomberg is well worth reading: Atlas Is Shrugging With a Growing Load. Shlaes is the author of a recent history of the Great Depression and so is well positioned to offer commentary on our times. A pair of key quotations from Shlaes’s piece:
On punitive taxation: “In 1986, a year when Atlas Shrugged sold between 60,000 and 80,000 copies, the top 1 percent of earners paid 26 percent of the income tax. By 2000, that 1 percent was paying 37 percent, and Atlas Shrugged sales were at 120,000. By 2006, the top 1 percent carried 40 percent of the burden.”
On government fiat money and deficit financing, quoting Rand: “Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked, ‘Account overdrawn.’”
Today’s events are a consequence of political, economic, and, more importantly, philosophical principles adopted by the most influential thinkers and doers of the last several generations. The antidote, accordingly, requires that this and the next generation’s most influential thinkers and doers change their philosophical course.
For follow-up material on Rand’s philosophical analysis of the roots of the crisis and the antidote, I recommend the following.
For general readers, here is my introductory overview of Ayn Rand’s biography and ethics at the Internet Encyclopedia of Philosophy.
For all readers, here are two recent anthologies of essays on Atlas Shrugged, one edited by Professor Edward Younkins and the other edited by Professor Robert Mayhew.
For a technical, book-length discussion of Rand’s ethical theory, here is Tara Smith’s Ayn Rand’s Normative Ethics. For further discussion of Professor Smith’s book, here is my review [pdf], published in Philosophy in Review, and Carrie Ann Biondi’s extended review [pdf], published in the most recent issue of Reason Papers.
For a philosophically-informed analysis of the crisis by a top-level financial professional, I recommend John Allison’s analysis. Allison is Chairman of BB&T and one of the great businessmen of our generation. Evidence: BB&T is one of the major banks that is still very healthy. Like Todd Zywicki, I recently heard Allison speak on the origins of the financial crisis and how BB&T avoided being sucked into the mess, and I recommend his analysis highly.
As we are suffering through yet another hard experiential lesson about collectivism and enforced altruism, let’s resolve to learn the lesson clearly and in principle so that the next generation will see more encouraging signs like these.
“Now if the function of man is an activity of soul in accordance with, or not without, rational principle, and if we say a so-and-so and a good so-and-so have a function which is the same in kind, e.g. a lyre-player and a good lyre-player, and so without qualification in all cases, eminence in respect of excellence being added to the function (for the function of a lyre-player is to play the lyre, and that of a good lyre-player is to do so well): if this is the case, [and we state the function of man to be a certain kind of life, and this to be an activity or actions of the soul implying a rational principle, and the function of a man to be the good and noble performance of these, and if any action is well performed when it is performed in accordance with the appropriate excellence: if this is the case,] human good turns out to be activity of soul in conformity with excellence, and if there are more than one excellence, in conformity with the best and most complete.” 
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Kaizen also recently published my extended 
There will be another Tea Party event in Rockford this Independence Day, organized by the 
“And then nothing can protect us against a complete falling away from our Ideas of duty, or can preserve in the soul a grounded reverence for its law, except the clear conviction that even if there never have been actions springing from such pure sources, the question at issue here is not whether this or that has happened; that, on the contrary, reason by itself and independently of all appearances commands what ought to happen; that consequently actions of which the world has perhaps hitherto given no example—actions whose practicability might well be doubted by those who rest everything on experience—are nevertheless commanded unrelentingly by reason; and that, for instance, although up to now there may have existed no loyal friend, pure loyalty in friendship can be no less required from every man, inasmuch as this duty, prior to all experience, is contained as duty in general in the Idea of a reason which determines the will by a priori grounds.” (407-408; or pp. 75-76 of the H. J. Paton translation [New York: Harper & Row, 1964]) 