In this 1967 lecture, Ayn Rand argues that capitalism is the only moral social system — the only system which is consistent with man’s nature as a rational being and therefore the only system that protects his ability to engage in the kinds of productive activities that his life and happiness require. Rand covers such topics as the nature of man and the role of reason in his life, individual rights and freedom, differing views of “the good” and the social systems that they produce, the purpose and proper functions of government, her definition of “capitalism,” and why only capitalism — a system of voluntary interaction among free people — is the system of human flourishing.

An edited version of this talk is available in Capitalism: The Unknown Ideal, a collection of essays by Rand and others. This recording is 47 minutes long.