Oh my God, Ayn Rand? _Atlas Shrugged_ is a self-righteous stroke book for teenage boys who couldn't get laid in high school but knew they were better than everyone else. Also, contrary to Rand's pretensions, her philosophy is based far more on knee-jerk emotionalism than reason. Her writings are filled with ridiculous emotional appeals.
I never did suffer through _AS_ but I did slog through _The Fountainhead_ and various essays in _Capitalism: the Unknown Ideal_ and _The Virtue of Selfishness_.
Now then, off the top of my head... It's difficult to offer a required reading list. At the very least people should be familiar with the major concepts in _Leviathon_, say, but reading Hobbes is not a pleasant experience. Rousseau, Locke and the social contract theorists are, um, rather important.
Anyway, these are some of my personal favorites-
Republic - Plato
"Perpetual Peace" - Kant
"Communist Manifesto" - Marxs and Engels
"On Liberty" - John Stuart Mill
_A Theory of Justice_ and _Political Liberalism_ - John Rawls
_Anarchy, State, and Utopia_ - Robert Nozick
_Practical Ethics_ - Peter Singer
Probably the most important contemporary political book is Thomas Frank's _What's the Matter with Kansas?_
For a media book I say _Rich Media, Poor Democracy_ - Robert McChesney
I will also restate the importance of Alexis de Tocqueville's _Democracy in America_
If plunging directly into primary sources is too demanding, one might wish to see the following books:
Morality:
_The Elements of Moral Philosophy_ - James Rachels
Politics:
_An Introduction to Contemporary Political Philosophy_ - Will Kymlicka
Economics:
_Economic Issues Today: Alternative Approaches_ - Robert Barry Carson et al. (a wonderful text that covers economic issues from a conservative (neo-classical), liberal (mostly Keynsian), and radical (Marxist) perspectives).