It refutes as ethically unjustifiable and economically counterproductive actions such as taxation, the legislative redistribution of private property rights, the creation of fiat money, fractional reserve banking, and ultimately, the very institution of state government. It demands instead a pure private property society, an anarchy of private property owners, regulated exclusively by private property law.
Wednesday, June 13, 2012
An Elegant Definition of Anarcho-capitalism
This is one of my favorite definitions of Anarcho-capitalism. This definition is from Hans-Hermann Hoppe's The Economics and Ethics of Private Property page 378. I suppose one might object to the fact that Hoppe doesn't mention the "non-aggression principle." However, I think the non-aggression principle is implied: private property law exists to protect both person and property from aggressive invasions.