'Atlas Shrugged' – 50 years later

At a time of rampant collectivism, Ayn Rand renewed the promise of liberty. But her ethics are dangerous.

from the March 6, 2007 edition

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Golden rule anchors true capitalism

Smith's theme echoes his Christian heritage, particularly the Golden rule, "Therefore all things whatsoever ye would that men should do to you, do ye even so to them" (Matt. 7:12). Perhaps a true capitalist spirit can best be summed up in the commandment, "Love thy neighbour as thyself" (Lev. 19:18; Matt. 22:39). Smith and Mr. von Mises would undoubtedly agree with this creed, but the heroes of "Atlas Shrugged" – and their creator – would agree with only half.

Today's most successful libertarian CEOs, such as John Mackey of Whole Foods Markets and Charles Koch of Koch Industries, have adopted the authentic spirit of capitalism that is more in keeping with Smith than Rand.

Theirs is a "stakeholder" philosophy that works within the system to fulfill the needs of customers, employees, shareholders, the community, and themselves. Their balanced business model of self- interest and public interest shows how the marketplace can grow globally in harmony with the interests of workers, capitalists, and the community – and can even displace bad government.

The golden rule is the correct solution in business and life. But would we have recognized this Aristotelian mean without sampling Rand's anthem, or for that matter, the other extreme of Marxism-Leninism? As Benjamin Franklin said, "By the collision of different sentiments, sparks of truth are struck out, and political light is obtained."

John Galt – it's time to come home and go to work.

• Mark Skousen has taught economics at Columbia University and is the author of the new book, "The Big Three in Economics."

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