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.
- 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