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Criticism of libertarianism includes ethical, economic, environmental and pragmatic concerns. With right-libertarianism, critics have argued that laissez-faire capitalism does not necessarily produce the best or most efficient outcome, and that libertarianism's philosophy of individualism and policies of deregulation fail to prevent the abuse of natural resources. [1]
As a term, libertarian or economic libertarian has the most everyday acceptance to describe a member of the movement, with the latter term being based on both the ideology's importance of economics and its distinction from libertarians of the New Left. [87] A diagram of the typology of beliefs in libertarianism (both left and right, respectively)
Libertarianism has many overlapping schools of thought, all focused on smaller government and greater individual responsibility. As interpretations of the non-aggression principle vary, some libertarian schools of thought promote the total abolition of government while others promote a smaller government which does not initiate force.
Libertarian socialism strives for a free and equal society, [1] aiming to transform work and everyday life. [2] Broadly defined, libertarian socialism encapsulates any political ideology that favours workers' control of the means of production and the replacement of capitalism with a system of cooperative economics, [3] [4] or common ownership. [5]
Natural-rights libertarianism [a] is the theory that all individuals possess certain natural or moral rights, mainly a right of individual sovereignty and that therefore acts of initiation of force and fraud are rights-violations and that is sufficient reason to oppose those acts.
The Ethics of Liberty is a 1982 book by American philosopher and economist Murray N. Rothbard, [1] in which the author expounds a libertarian political position. [2] Rothbard's argument is based on a form of natural law ethics, [ 3 ] and makes a case for anarcho-capitalism .
There are broadly two ethical viewpoints within libertarianism, namely consequentialist libertarianism and deontological libertarianism. The first type is based on consequentialism , only taking into account the consequences of actions and rules when judging them and holds that free markets and strong property rights have good consequences.
The Libertarian Reader: Classic & Contemporary Writings from Lao-Tzu to Milton Friedman (reprint re-edition ed.). New York: Simon & Schuster. ISBN 9781476752891. Doherty, Brian (2009). Radicals for Capitalism: A Freewheeling History of the Modern American Libertarian Movement. London: Hachette UK. ISBN 9780786731886