Anarcho-capitalism

Anarcho-capitalism (or, colloquially, ancap or '"an-cap"') is an anti-statist, libertarian, political philosophy and economic theory that seeks to abolish centralized states in favor of stateless societies with systems of private property enforced by private agencies, the non-aggression principle, free markets and self-ownership, which extends the concept to include control of private property as part of the self. In the absence of statute, anarcho-capitalists hold that society tends to contractually self-regulate and civilize through participation in the free market, which they describe as a voluntary society involving the voluntary exchange of goods and services. In a theoretical anarcho-capitalist society, the system of private property would still exist and be enforced by private defense agencies and/or insurance companies selected by customers, which would operate competitively in a market and fulfill the roles of courts and the police. According to its proponents, various historical theorists have espoused philosophies similar to anarcho-capitalism, but the first person to use the term anarcho-capitalism was Murray Rothbard, in the 1940s. Rothbard, a leading figure in the 20th-century American libertarian movement, synthesized elements from the Austrian School, classical liberalism and 19th-century American individualist anarchists and mutualists Lysander Spooner and Benjamin Tucker, while rejecting the labor theory of value. Rothbard's anarcho-capitalist society would operate under a mutually agreed-upon "legal code which would be generally accepted, and which the courts would pledge themselves to follow". This legal code would recognize contracts between individuals, private property, self-ownership and tort law in keeping with the non-aggression principle. Rothbard views the power of the state as unjustified, arguing that it restricts individual rights and prosperity, and creates social and economic problems.