Ayn Rand is one of my most influential writers. Her books and articles have influenced my thinking during my teen age. Ayn Rand has also been a significant influence on Alan Greenspan who has been the proponent of market fundamentalism that had led to the current financial crisis.
Sofia Ghori Saleem in
The Hindu, writes about this:
She has inspired politicians, presidents and economists across the globe. One notable and illustrious follower of Ayn Rand’s philosophy is former United States Federal Reserve chairman Alan Greenspan. Greenspan’s policies dominated the world economic situation for decades. In his early years, Greenspan was part of her close knit and exclusive club called the “Collectives” that met every week to write, discuss and promote her ideas. In those days he wrote spirited commentary for her newsletter with the fervour of a new convert. So great was her influence on him that he invited her to attend his swearing in ceremony in Washington D.C.
Sofia also questions,
Last year, when the world banks came crashing down and the housing market was brought to its knees owing to the mortgage crises, Greenspan expressed shocked disbelief at the magnitude of the credit crisis and admitted that there was a flaw in his hands-off unfettered free market ideology. The laissez faire philosophy whose cornerstone is self regulation of financial institutions proved to be an oxymoron.
In the Universe defined by Objectivism, with the absence of a supreme being, who will shoulder the responsibility for the free fall of the free markets? If selfishness is a virtue, then what is greed?
Contrary to this view that Ayn Rand's Objectivism is at the root of the crisis, many ayn rand's followers are clamoring against the Bail out.
from a Time Article, "What would Ayn Rand have done?"
But as the largest bailout in government history unfolded in almost dizzying waves over recent days, a very different view prevailed at the Ayn Rand Center for Individual Rights, an outpost of free-market, anti-government thinking located just a few blocks from the newly aggressive and highly interventionist Department of Treasury in downtown Washington.
"It's a complete disaster," said Yaron Brook, the executive director of the center. "Its a form of national socialism of the financial markets...This is socialism 101."
They are implying that selfishness of a few should not undermine the capitalist view.
Maybe capitalism of Ayn Rand is also idealistic?
