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Anarcho-capitalism (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. While the earliest extant attestation of "anarchocapitalism" [sic] is in Karl Hess's essay "The Death of Politics" published by Playboy in March 1969, American economist Murray Rothbard was credited with coining the terms anarcho-capitalist and anarcho-capitalism in 1971. A leading figure in the 20th-century American libertarian movement, Rothbard 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.Anarcho-capitalists and right-libertarians cite several historical precedents of what they believe to be examples of quasi-anarcho-capitalism, including the Republic of Cospaia, Acadia, Anglo-Saxon England, Medieval Iceland, the American Old West, Gaelic Ireland, and merchant law, admiralty law, and early common law. Anarcho-capitalism is distinguished from minarchism, which advocates a minimal governing body (typically a night-watchman state limited to protecting individuals from aggression and enforcing private property) and from Objectivism which is a broader philosophy advocating a limited role, yet unlimited size, of said government. Unlike most anarchists, anarcho-capitalists support private property and private institutions. Source: Wikipedia (en)

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