Abstract

Capitalism is a system of selfish individualism. That is why it is so successful. Individualism is the idea that individuals should decide for themselves what they will do, including what they will produce and consume. Because an individual’s preferences both cause their actions and measure the value of their outcomes, individualism naturally promotes personal welfare. Understood as a tendency to give more weight to our own welfare than to others’, selfishness is an unavoidable—and welcome—feature of human life. Individualism protects each of us against the selfishness of our fellow citizens, including the authorities.