Anarcho-capitalism is the belief that the marketplace can be used to replace the functions of government and that capitalism without a territorial monopoly of ultimate decision-making is both economically more efficient and morally superior. The idea is that supply, demand and competition would keep corporations from acting unethically or harming others. Some libertarians are anarcho-capitalists.
Critics believe that state intervention is needed to prevent monopoly. In response, anarcho-capitalists such as Murray Rothbard argue that monopolies are defined by state intervention and cannot arise on the free market. Others, like Hans Hoppe, add that the State itself is a monopoly over final arbitration and taxation power. Others have criticized it because big business may act as a state; forcing its will onto others. People of this view generally believe that government is necessary to protect the property of the less powerful in society against the more powerful.
The vast majority of self-identified anarchists reject the claim of anarcho-capitalists to be anarchists, arguing that anarchism is inherently anti-capitalist and the term 'anarcho-capitalism' is an oxymoron. This is because most schools of anarchism are not merely anti-government, but anti-hierarchy, which may include institutions such as corporations, property defense, and organized religions in addition to government.
- Anarchy and the Law: The Political Economy of Choice, edited by Edward P. Stringham
- "Anarcho-Capitalism: An Annotated Bibliography," by Hans-Hermann Hoppe
- For a New Liberty, by Murray N. Rothbard
- The Voluntary City: Choice, Community, and Civil Society, edited by David T. Beito, Peter Gordon, and Alexander Tabarrok