Anarcho-capitalism

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A postage stamp celebrating the thousandth anniversary of the Icelandic parliament. According to a theory associated with the economist David Friedman, medieval Icelandic society had some features of anarcho-capitalism. Chieftaincies could be bought and sold, and were not geographical monopolies; individuals could voluntarily choose membership in any chieftain's clan.

Anarcho-capitalism (also referred to as "libertarian anarchy" and "private-property anarchism" or "market anarchism," and "free market anarchism") is a right-libertarian political philosophy that advocates the elimination of the state in favor of individual sovereignty in a free market. In an anarcho-capitalist society, law enforcement, courts, and all other security services would be provided by privately funded competitors rather than through taxation, and money would be privately and competitively provided in an open market. Therefore, personal and economic activities under anarcho-capitalism would be regulated by privately run law rather than through politics.

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