 Rand rejects the criticism that unregulated, laissez-faire capitalism would lead to a concentration of power in a few hands and undermine people’s ability to lead their own lives, because laissez-faire capitalism requires the rule of law, a well-defined system of property rights, freedom of contract, and, as a corollary, a government that abstains from all favoritism. In such a society, competition and opportunity will flourish, and prevent concentration of power in a few hands. 