“Capitalism is a social system based on the recognition of individual rights, including property rights, in which all property is privately owned.” — AYN RAND
What is Capitalism?
Capitalism is a social system based on the principle of individual rights. Politically, it is the system of laissez-faire (freedom). Legally it is a system of objective laws (rule of law as opposed to rule of man). Economically, when such freedom is applied to the sphere of production its result is the free-market.
Capitalism is moral and practical as it leaves the individual free to think rationally and act purposefully.
“The moral justification of capitalism does not lie in the altruist claim that it represents the best way to achieve ‘the common good.’ It is true that capitalism does—if that catch-phrase has any meaning—but this is merely a secondary consequence. The moral justification of capitalism lies in the fact that it is the only system consonant with man’s rational nature, that it protects man’s survival qua man, and that its ruling principle is: justice.” — AYN RAND
UPDATE: As of September 2015, the tour update is almost complete. The FAQ (which is pretty much the same as written back in 1996) will be updated later this year.