Abstract
Libertarians favour coordination by voluntary decentralized mechanisms such as private property and trade. In response to economic arguments for government intervention in the market, they point to the existence in the real world of private solutions to many problems of market failure and the ubiquity of market failure in political markets. Libertarians differ among themselves in the degree to which they rely on rights-based or consequentialist arguments and on how far they take their conclusions, ranging from classical liberals, who wish only to drastically reduce government, to anarcho-capitalists who would replace all useful government functions with private alternatives.
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Friedman, D.D. (2018). Libertarianism. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1972
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DOI: https://doi.org/10.1057/978-1-349-95189-5_1972
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