Your Professor Lied to You About Capitalism | Yaron Brook | IEA Live

In this Institute of Economic Affairs event, Education Programs Manager Sam Cruickshank hosts Dr. Yaron Brook, Chairman of the Ayn Rand Institute and co-author of bestselling books including "Free Market Revolution" and "Equal Is Unfair." Dr. Brook delivers a compelling presentation on "The Morality of Capitalism," exploring why capitalism faces persistent moral objections despite its proven economic success. The discussion covers the fundamental conflict between society's condemnation of self-interest and capitalism's reliance on self-interested behaviour, examining how this moral framework undermines support for free markets.Dr. Brook argues that the root challenge facing capitalism isn't economic but philosophical - people reject capitalism not because it doesn't work, but because they perceive it as immoral. He traces this back to deeply ingrained cultural beliefs that label self-interest as evil and sacrifice as virtuous, leading to the welfare state and regulatory framework that constrains economic freedom. Brook presents Ayn Rand's alternative morality of rational self-interest, arguing that individuals should pursue their own long-term rational values and that true self-interest actually promotes productive, peaceful cooperation rather than exploitation.The presentation concludes with an extensive Q&A session covering immigration policy, the compatibility of Christianity with capitalism, monopolies in free markets, corporate responsibility in cases like tobacco companies, and equality of opportunity. Dr. Brook addresses concerns about Islamic immigration in Europe, defends the morality of allowing individuals to make their own choices about harmful products, and challenges conventional thinking about equality. Throughout, he maintains that only by embracing a morality that celebrates individual achievement and rational self-interest can capitalism be properly defended and implemented. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit economicaffairs.co.uk/subscribe