A political philosophy originally conceived by American economist Murray Rothbard that has now been embraced by many members of the crypto community.
Anarcho-capitalism advocates for the abolition of centralized states, and the primacy of private property and contractual agreements in the economic system.
Anarcho-capitalists believe that the state as it is currently conceived is an impediment to the development of a “free” society — and that the existence of states in capitalist societies result in a system of coercion.
This political philosophy maintains that the free market is the cornerstone of a truly free society, and that people should be free to engage with each other through contractual agreements — beyond the control or oversight of the state.
Instead of the state handling the enforcement of contracts and the resolution of grievances, private agencies competing in a free market would take charge.
Anarcho-capitalists believe that the means of production should be privately owned — and that work and commodities should be organized through the system of wage labor.