Ayn Rand saw capitalism as more than an economic system.

For her, its defining principle was the freedom to say yes or no. Comment “Rand” and we’ll send you an article that explores this further. In a market economy, cooperation depends largely on consent. An employer must persuade someone to work for an offered wage. A business must persuade consumers to buy. An investor can refuse a project. A worker can seek another employer. Buyers and sellers can walk away from exchanges that do not serve their interests. That freedom matters because voluntary exchange leaves room for disagreement. People do not need to share the same values, politics, religion, or vision of the good life to cooperate. They only need to agree on the terms of a particular exchange. Rand’s defense of capitalism rested heavily on this principle: individuals should be free to pursue their own purposes and associate with others by mutual consent. Markets transform that freedom into cooperation among people who may otherwise have almost nothing in common.