When Ayn Rand was asked if she could define her philosophy while standing on one leg (a challenge to see if she could be simple and concise in describing it), she responded as follows:
Metaphysics: Objective reality
Epistemology: Reason
Ethics: Self-interest
Politics: Capitalism
In a nutshell, Objectivism is a way of perceiving reality in which a person sees reality as being made up of objects- this eliminates the notion that there are spirits, or any influential force that determines what objects do. They are objects and only objects. Reason is the most worthwhile thing to an Objectivist; it is what guides one's actions, and is the line which divides what is 'good' and what is 'evil'. Reason is a faculty that is detached from emotion or desire.

The Objectivist view on ethics is one that is controversial, because it regards altruism in negative light. The Objectivist sees altruism for the sake of altruism as wrong- that if a person devotes themselves to others without any regard for their self, then it is unreasonable and therefore wrong. However, if a person devotes himself to others because it is in his best self-interest (for example, if altruism is pleasing to someone, or if they are profiting from it), then it is a good thing. Altruism can become self-sacrifice, making him subordinate in the world, which is "evil." Rand describes this kind of person as a "sacrificial animal." It is immoral ONLY if it is put above oneself. Altruism should be practiced only if it is in accordance with one's reason. Self-interest is central to Objectivism, even in the case of love. Rand describes the love relationship as incredibly selfish:
What would it mean to have love above self-interest? It would mean, for instance, that the husband would tell his wife, if he were moral, according to the conventional morality, that, "I am marrying you just because of your own sake; I have no personal interest in it, but I am so unselfish that I am marrying you only for your own good." Would any woman like that? (See part I of this interview here).
Love, to Rand, is a kind of business deal in which virtues are the currency. It is a selfish possessiveness where a person builds a relationship with a person because he or she needs that other person for him or herself. With this mutual possessiveness comes a relationship that cannot be broken, and it is this that is described as love.
Capitalism is the political system that works for the Objectivist. It will only function correctly if its participants operate with reason, that is, without impulse of desire or emotion. The system, in order to eschew itself from an overly intrusive government, would have to be laissez faire capitalism, in which its participants are allowed to privately participate in commerce, and the government simply oversees the operations without putting its influence into the economic system.
More on Objectivism later.
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