Anarcho-capitalism is a socio-economic ideology based on the idea of individual sovereignty (or "self-ownership"), an unlimited right to private property, and a prohibition against initiatory coercion and fraud, with contracts between sovereign individuals being the basis of law. From this is derived a rejection of the state (an entity claiming a territorial monopoly on the use of force) and the embrace of absolute laissez-faire capitalism. Anarcho-capitalists would protect individual liberty and property by replacing a government monopoly that is involuntarily funded through taxation, with private and competing businesses. The philosophy embraces stateless 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. While Rothbard bases his philosophy on natural law, others, such as David Friedman take a pragmatic consequentialist approach by arguing that anarcho-capitalism should be implemented on the basis that such a system would have superior consequences than other alternatives.

Read the rest of this article: http://en.wikipedia.org/wiki/Anarcho-capitalism

_______________________________ Today's selected anniversaries:

1000: : King Olaf I of Norway fell overboard during the Battle of Svolder and disappeared in the Baltic Sea. (http://en.wikipedia.org/wiki/Battle_of_Svolder)

1513: : King James IV of Scotland (pictured right) was killed at the Battle of Flodden Field in Northumberland while leading an invasion of England. (http://en.wikipedia.org/wiki/James_IV_of_Scotland)

1850: : As part of the Compromise of 1850, California was admitted into the United States as a free state. (http://en.wikipedia.org/wiki/History_of_California)

1971: : The Attica Prison riots broke out at the Attica Correctional Facility in Attica, New York, United States. (http://en.wikipedia.org/wiki/Attica_Prison_riots)

2001: : Ahmed Shah Massoud, leader of the Northern Alliance, was assassinated in Afghanistan. (http://en.wikipedia.org/wiki/Ahmed_Shah_Massoud)

_____________________ Wikiquote of the day:

"Love is life. All, everything that I understand, I understand only because I love." -- Leo Tolstoy (http://en.wikiquote.org/wiki/Leo_Tolstoy)