an economic system in which all or most of the means of production are privately owned and operated (usually through employing wage labour, and for profit), and in which the investment of capital and the production, distribution and prices of commodities and services are determined mainly in a free market. Capitalism has also been called laissez-faire economy, free mark economy, free enterprise system, economic liberalism, and economic individualism.
• Anarcho-capitalism - a philosophy based on the idea of individual sovereignty, and a prohibition against initiatory coercion and fraud. It sees the only just basis for law as arising from private property norms and an unlimited right of contract between sovereign individuals. From this basis, anarcho-capitalism rejects the state as an unjustified monopolist and aggressor against sovereign individuals, and embraces anti-statist laissez-faire capitalism. Anarcho-capitalists would aim to protect individual liberty and property by replacing a government monopoly, which is involuntarily funded through taxation, with private, competing businesses.

Mini philosophy glossary . 2014.

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