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.
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Today's selected anniversaries:
: King Olaf I of Norway fell overboard during the Battle of Svolder
and disappeared in the Baltic Sea.
: King James IV of Scotland (pictured right) was killed at the Battle
of Flodden Field in Northumberland while leading an invasion of
: As part of the Compromise of 1850, California was admitted into the
United States as a free state.
: The Attica Prison riots broke out at the Attica Correctional
Facility in Attica, New York, United States.
: Ahmed Shah Massoud, leader of the Northern Alliance, was
assassinated in Afghanistan.
Wikiquote of the day:
"Love is life. All, everything that I understand, I understand only
because I love." -- Leo Tolstoy