Millionaire nightclub owner Peter Stringfellow joined some of the country’s finest economic minds at a debate at the Oxford Union.

Mr Stringfellow, owner of the World famous Stringfellows lap dancing club in London, argued the merits of capitalism in front of 250 people at the historic university student debating chamber.

The 68-year-old told a capacity crowd of 250 about his upbringing in Sheffield and his opinion that capitalism set people free to do what they like.

Before speaking, Mr Stringfellow told the Oxford Mail: “I love Oxford. I have been coming here since 1984. I come on average every couple of years.

“It is good to be involved with them (the students). Up until now I have had nothing but nice experiences here.”

Mr Stringfellow was invited to debate the topic Capitalism can save the World at the Union on Thursday.

He joined philanthropist Paul Marshall, Nick Wood, the chief executive of Man Group Plc, Harpal Brar of the British Communist Party and John Sutton, a professor of economics at the London School of Economics, at the debate.

The flamboyant businessman said: “I like to tell the truth. There is a lot of hypocrisy flying around. I have got a bit of age now. I have the privilege of being able to tell the truth and say ‘that happened to me’.

“I kind of stick to the experience of my life. I wish there was such a thing as communism, I wish people would give me enough money so I didn’t have to work for it.

“We have got all this credit crunch stuff – I don’t know who gave it that name – we are all waiting for something bad to happen, but it has not happened yet.”

Matthew Holehouse, a spokesman for the Oxford Union who also spoke at the debate, said: “It was very enjoyable and a good debate.

“He was very flamboyant. People did laugh. I don’t think they really listened too intently to his arguments.

“He is clearly a very flamboyant character – very much in strip club owner mode – but very friendly. He clearly enjoys coming to the Oxford Union. I think he enjoys an audience.”

Union president Josh Roche, said: “I have seen him speak in the past and he was a very interesting and engaging speaker, so I thought he would be a great addition to the debate.”

Celebrities who have recently spoken at the Oxford Union include glamour model Jodie Marsh and former model Caprice Bourret who is now a businesswoman.

TV presenter Keith Chegwin, fashion guru Gok Wan and chef Delia Smith have been booked to appear in coming weeks.

ghamilton@oxfordmail.co.uk