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Libertarianism, Anarchism, and Society with Voluntary Self Governance
Libertarianism is generally considered to be the group of political philosophies which emphasize freedom, individual liberty, and voluntary association. Libertarianism is variously defined by sources. There is no general consensus among scholars on the precise definition nor on how one should use the term as a historical category. Libertarians generally advocate a society with little or no government power.
Libertarian socialism (sometimes called social anarchism, and sometimes left libertarianism) is a group of political philosophies that promote a non-hierarchical, non-bureaucratic, stateless society without private property in the means of production. Libertarian socialism is opposed to coercive forms of social organization, and promotes free association in place of government and opposes the social relations of capitalism, such as wage labor. The term libertarian socialism is used by some socialists to differentiate their philosophy from state socialism or by some as a synonym for left anarchism.
Adherents of libertarian socialism assert that a society based on freedom and equality can be achieved through abolishing authoritarian institutions that control certain means of production and subordinate the majority to an owning class or political and economic elite. Libertarian socialism also constitutes a tendency of thought that promotes the identification, criticism, and practical dismantling of illegitimate authority in all aspects of life.
Accordingly, libertarian socialists believe that "the exercise of power in any institutionalized form—whether economic, political, religious, or sexual—brutalizes both the wielder of power and the one over whom it is exercised". Libertarian socialists generally place their hopes in decentralized means of direct democracy such as libertarian municipalism, citizens' assemblies, trade unions, and workers' councils.
Anarcho-capitalism (also referred to as "libertarian anarchy" by anarcho-capitalists, "market anarchism," "free market anarchism" or "private-property anarchism") is a libertarian and individualist anarchist political philosophy that advocates the elimination of the state in favour of individual sovereignty in a free market. In an anarcho-capitalist society, law enforcement, courts, and all other security services would be provided by voluntarily funded competitors rather than through taxation, and money would be privately and competitively provided in an open market. According to anarcho-capitalists, personal and economic activities would be regulated by privately run law rather than through politics.
Let's get some of the basics out of the way. Anarchism does not mean chaos, there would still be security forces, the difference is there is no government with a monopoly on force and violence who can enforce it's view on how you should live. Libertarianism comes in both capitalist and socialist flavors.
For the uninitiated (note that these videos are from a capitalist perspective):