political philosophy and school of thought
Anarcho-capitalism is a political philosophy and economic theory that advocates the elimination of centralized states in favor of self-ownership, private property and free markets. Anarcho-capitalists hold that in the absence of statute (which they describe as law by arbitrary autocratic decrees, or bureaucratic legislation swayed by transitory political special interest groups), society tends to contractually self-regulate and civilize through the spontaneous and organic discipline of the free market which they describe as a voluntary society. They support wage labour, believe it to be always voluntary and that private property is possible without a state.In an anarcho-capitalist society, law enforcement, courts and all other security services would be operated by privately funded competitors selected by consumers rather than "centrally through confiscatory taxation". Along with all other goods and services, money would be privately and competitively provided in an open market. Personal and economic activities under anarcho-capitalism would be regulated directly by consumers and their directly selected agents through market-based dispute resolution organizations under tort and contract law, rather than by statute through centrally determined punishment under "political monopolies" which they believe tend to generate corruption through the collectivization of property and distortion of market signals.Anarcho-capitalists believe that business regulations such as corporate standards, public relations, product labels, rules for consumer protection, ethics and labor relations would be self regulated via the use of competitive trade associations, professional societies and standards bodies. In theory, this would establish market-recourse for businesses' decisions and allow the market to communicate effectively with businesses by the use of consumer unions instead of centralized regulatory mandates for companies "imposed by the state" which anarcho-capitalists and other libertarians argue are inefficient due to regulatory capture.
According to anarcho-capitalists, various theorists have espoused legal philosophies similar to anarcho-capitalism. However, the first person to use the term in the mid-20th century was Murray Rothbard, who synthesized elements from the Austrian School, classical liberalism and 19th-century American individualist anarchists Lysander Spooner and Benjamin Tucker while rejecting their labor theory of value and the norms they derived from it. Rothbard's anarcho-capitalist society would operate under a mutually agreed-upon libertarian "legal code which would be generally accepted, and which the courts would pledge themselves to follow". This pact would recognize self-ownership, property, contracts and tort law in keeping with the universal non-aggression principle.
Anarcho-capitalists are distinguished from minarchists, who advocate a night-watchman state limited to protecting individuals and their properties from foreign and domestic aggression; and from anarchists, who support personal property (possession) and oppose private ownership of the means of production (productive property), interest, profit, rent, usury and wage slavery within capitalism.
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main subject: anarcho-capitalism3
book by Morris Tannehill