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"Anarcho-capitalism is an anti-statist philosophy that embraces capitalism
as one of its foundational principles. The first well-known version of
anarcho-capitalism to identify itself with this term was developed by Austrian School economists and libertarians Murray Rothbard and Walter Block in the mid-20th century as an attempted synthesis of Austrian School economics, classical liberalism, and 19th century American individualist anarchism.
Anarcho-capitalist philosophy as described by Rothbard is based on the idea of individual sovereignty (or "self-ownership"), an unlimited right to private property, and a prohibition against the initiation of coercion or fraud against other persons or property, with contracts between sovereign individuals being the ultimate basis of law. From this is derived a rejection of the state (an entity claiming a territorial monopoly on the use of force) and an acceptance of the principles of capitalism (a free market economy that includes private ownership of capital and pursuit of profit.)
Anarcho-capitalists believe that protection of individual liberty and
private property should be performed by private, and competing,
institutions rather than by a tax-funded government monopoly.
Because of this embrace of capitalism, there is considerable tension between anarcho-capitalists and anarchists who see the rejection of capitalism as being just as essential to anarchist
philosophy as rejection of the state. Despite this tension, some
anarcho-capitalists see their philosophy as evolving from the tradition
of 19th century American individualist anarchism that includes classical liberal thinkers such as Lysander Spooner.
Anarcho-capitalism can be considered a radical development of
classical liberalism. Its grounding in liberalism is demonstrated by
the assertion of many anarcho-capitalists that the first
anarcho-capitalist was Gustave de Molinari, who argued for a free market, and against a state monopoly on force, as early as 1849. While some current adherents of liberalism and anarchism wouldn't call Molinari an anarcho-capitalist, his thoughts were influential on Rothbard and his contemporaries."
Taken from Wikipedia
"Anarcho-capitalist thought claims influence from the work of the 19th century individualist anarchists,
although the extent of this influence is a matter of some controversy.
Some of the most notable figures in this respect include Lysander Spooner and Benjamin Tucker.
Of particular importance to anarcho-capitalists are the ideas of
"sovereignty of the individual" (often called "self-ownership"), a
right to own the product of one's labor and trade it in a free market,
and the opposition to collectivism including collectivist conceptions of property, in favor of individual private property.
Lysander Spooner's articles, such as No Treason and the Letter to Thomas Bayard,
were widely reprinted in early anarcho-capitalist journals, and his
ideas -- especially his individualist critique of the state and his
defense of the right to ignore or withdraw from it -- were often cited
by anarcho-capitalists. Spooner was staunchly opposed to government
interference in economic matters, and supported a "right to acquire
property...as one of the natural, inherent, inalienable rights of men
[...] one which government has no power to infringe [...]"[21].
Like all anarchists, he opposed government regulation: "All legislative
restraints upon the rate of interest, are arbitrary and tyrannical
restraints upon a man's natural capacity amid natural right to hire
capital, upon which to bestow his labor"[22].
He was particularly vocal, however, in opposing any collusion between
banks and government, and argued that the monopolistic privileges that
the government granted to a few bankers were the source of many social
and economic ills.
Benjamin Tucker supported private ownership of all wealth produced
by an individual, which he believed entailed a rejection of both
collective ownership and private investment of property for profit. He
was a staunch advocate of the mutualist form of private property, which holds to the labor theory of value. He also advocated a free market economy, which he believed was obstructed by the state and the profit making seen in capitalism. From an essay in The New Freewoman:
"Anarchism is a word without meaning, unless it includes the liberty of
the individual to control his product or whatever his product has
brought him through exchange in a free market—that is, private
property." Tucker characterized the economic demands of individualism
as "Absolute Free Trade; free trade at home, as well as with foreign
countries; the logical carrying out of the Manchester doctrine; laissez faire the universal rule"[23]. Although his self-identification as a socialist and sympathy for the labor movement led to hostility from some early anarcho-capitalists (such as Robert LeFevre), others (such as Murray Rothbard)
embraced his critique of the State and claimed that he defined his
"socialism" not in terms of opposition to a free market or private
property, but in opposition to government privileges for business.
There are several points of similarity and divergence between individual anarchism and anarcho-capitalism.
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- Both philosophies favor individual private property including
capital. However, individualist anarchists opposed titles to unused
land, and income from the lending of capital, since that would be
income without labor.
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- Both individualist anarchists and anarcho-capitalists advocate
"free banking" where any individual or group of individualists would be
allowed to create and lend private currency.
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- Anarcho-capitalists have no ethical objection to wages being
diminished by a profit allowance if both parties agree to such an
arrangement. Individualist anarchists regard profit being deducted from
wages as exploitative, but oppose forcibly intervening in such a
contract.
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- Both individualist anarchists and anarcho-capitalists advocate
private "defense associations" and private courts, though they disagree
on some aspects of their jurisdiction.
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- The individualist anarchists tended to consider "usury"
(i.e., profits from labor, rent, or interest) to be an unjust source of
income made possible by government-backed monopolies. Interestingly,
Tucker eventually argued that usury was possible even in the absence of
the state, if vast concentrations of wealth had been accumulated due to
government-backed monopolies. Anarcho-capitalists believe that profit
earned through consentual interactions are permissible, and generally
praiseworthy.
Both anarcho-capitalists and traditional individualists do not object to unequal wealth"
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