Libertarianism

Libertarianism holds that individuals should be free to live as they choose so long as they do not violate others' rights. In its purest form it argues that government should be limited to protecting people from force and fraud, enforcing contracts and defending property, while leaving economic and personal choices to individuals.

It grew out of classical liberalism and was developed in the twentieth century by thinkers such as Friedrich Hayek, Milton Friedman, Ayn Rand, Murray Rothbard and Robert Nozick. It draws on both principle, such as natural rights and self-ownership, and on consequences, such as the efficiency of markets. In the United States, libertarians appear in the Libertarian Party, in think tanks and within the Republican Party, where they were a partner in fusionism.

Libertarians generally favor free markets, low taxes, deregulation, free trade, open immigration (a point of difference with many conservatives), drug legalization and a restrained foreign policy. Conservatives and libertarians often ally on spending and regulation but split on social issues and national security. Critics from the left say libertarianism neglects inequality and public goods; critics from the right say it undervalues community and moral order. It draws on ideas such as public choice theory.