Anarcho-capitalism 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, based on concepts such as the non-aggression principle, free markets and self-ownership. An anarcho-capitalist philosophy extends the concept of ownership to include control of private property as part of the self, and, in some cases, control of other people as private property. 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 a system of private property would still exist, and would be enforced by private defense agencies and/or insurance companies that were selected by property owners, whose ownership rights or claims would be enforced by private defence agencies and/or insurance companies. These agencies or companies would operate competitively in a market and fulfill the roles of courts and the police, similar to a state apparatus. Some anarcho-capitalist authors have argued that slavery is compatible with anarcho-capitalist ideals.
The Austrian school is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with their self interest. Austrian-school theorists hold that economic theory should be exclusively derived from basic principles of human action.
David Director Friedman is an American economist, physicist, legal scholar, and anarcho-capitalist theorist. Although his academic training was in chemistry and physics and not law or economics, he is known for his textbook writings on microeconomics and the libertarian theory of anarcho-capitalism, which is the subject of his most popular book, The Machinery of Freedom. Described by Walter Block as a "free-market anarchist" theorist, Friedman has also authored several other books and articles, including Price Theory: An Intermediate Text (1986), Law's Order: What Economics Has to Do with Law and Why It Matters (2000), Hidden Order: The Economics of Everyday Life (1996), and Future Imperfect (2008).
Claude-Frédéric Bastiat was a French economist, writer and a prominent member of the French liberal school.
Milton Friedman was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. Several students, young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, and Robert Lucas Jr.
Murray Newton Rothbard was an American economist of the Austrian School, economic historian, political theorist, and activist. Rothbard was a central figure in the 20th-century American libertarian movement, particularly its right-wing strands, and was a founder and leading theoretician of anarcho-capitalism. He wrote over twenty books on political theory, history, economics, and other subjects.
Robert Anson Heinlein was an American science fiction author, aeronautical engineer, and naval officer. Sometimes called the "dean of science fiction writers", he was among the first to emphasize scientific accuracy in his fiction, and was thus a pioneer of the subgenre of hard science fiction. His published works, both fiction and non-fiction, express admiration for competence and emphasize the value of critical thinking. His plots often posed provocative situations which challenged conventional social mores. His work continues to have an influence on the science-fiction genre, and on modern culture more generally.
Ronald Harry Coase was a British economist and author. Coase was educated at the London School of Economics, where he was a member of the faculty until 1951. He was the Clifton R. Musser Professor of Economics at the University of Chicago Law School, where he arrived in 1964 and remained for the rest of his life. He received the Nobel Memorial Prize in Economic Sciences in 1991.
The Moon Is a Harsh Mistress is a 1966 science fiction novel by American writer Robert A. Heinlein about a lunar colony's revolt against absentee rule from Earth. The novel illustrates and discusses libertarian ideals. It is respected for its credible presentation of a comprehensively imagined future human society on both the Earth and the Moon.
In neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto efficient, often leading to a net loss of economic value. The first known use of the term by economists was in 1958, but the concept has been traced back to the Victorian philosopher Henry Sidgwick. Market failures are often associated with public goods, time-inconsistent preferences, information asymmetries, non-competitive markets, principal–agent problems, or externalities.
Laissez-faire is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism. As a system of thought, laissez-faire rests on the following axioms: "the individual is the basic unit in society, i.e., the standard of measurement in social calculus; the individual has a natural right to freedom; and the physical order of nature is a harmonious and self-regulating system." The original phrase was laissez faire, laissez passer, with the second part meaning "let (things) pass". It is generally attributed to Vincent de Gournay.
The Jungle Book is an 1894 collection of stories by the English author Rudyard Kipling. Most of the characters are animals such as Shere Khan the tiger and Baloo the bear, though a principal character is the boy or "man-cub" Mowgli, who is raised in the jungle by wolves. Most stories are set in a forest in India; one place mentioned repeatedly is "Seeonee" (Seoni), in the central state of Madhya Pradesh.
Free-market environmentalism argues that the free market, property rights, and tort law provide the best means of preserving the environment, internalizing pollution costs, and conserving resources.
A free lunch is the providing of a meal at no cost, usually as a sales enticement to attract customers and increase revenues from other business. It was once a common tradition in saloons and taverns in many places in the United States, with the phrase appearing in U.S. literature from about 1870 to the 1920s. These establishments included a "free" lunch, which varied from rudimentary to quite elaborate, with the purchase of at least one drink. These free lunches were typically worth far more than the price of a single drink. The saloon-keeper relied on the expectation that most customers would buy more than one drink, and that the practice would build patronage for other times of day.
Libertarian science fiction is a subgenre of science fiction that focuses on the politics and social order implied by right-libertarian philosophies with an emphasis on individualism and private ownership of the means of production—and in some cases anti-statism and anarcho-capitalism.
Libertarian paternalism is the idea that it is both possible and legitimate for private and public institutions to affect behavior while also respecting freedom of choice, as well as the implementation of that idea. The term was coined by behavioral economist Richard Thaler and legal scholar Cass Sunstein in a 2003 article in the American Economic Review. The authors further elaborated upon their ideas in a more in-depth article published in the University of Chicago Law Review that same year. They propose that libertarian paternalism is paternalism in the sense that "it tries to influence choices in a way that will make choosers better off, as judged by themselves" ; note and consider, the concept paternalism specifically requires a restriction of choice. It is libertarian in the sense that it aims to ensure that "people should be free to opt out of specified arrangements if they choose to do so". The possibility to opt out is said to "preserve freedom of choice". Thaler and Sunstein published Nudge, a book-length defense of this political doctrine, in 2008.
The following is a list of terms specific to anarchists. Anarchism is a political and social movement which advocates voluntary association in opposition to authoritarianism and hierarchy.
The following outline is provided as an overview of and topical guide to libertarianism:
Throughout modern history, a variety of perspectives on capitalism have evolved based on different schools of thought.
"To rob Peter to pay Paul", or other versions that have developed over the centuries such as "to borrow from Peter to pay Paul", and "to unclothe Peter to clothe Paul", are phrases meaning to take from one person or thing to give to another, especially when it results in the elimination of one debt by incurring another. There are many other variants and similar phrases in numerous languages. "Maneuvering the Apostles", which has the same meaning, was derived from this expression. In patchwork, "Rob Peter to pay Paul" is an alternative name for the Drunkard's Path patchwork block.
