The American Benjamin Tucker (1854-1939) believed that maximum individual liberty would be assured where the free market was not hindered or controlled by the State and monopolies. The affairs of society would be governed by myriad voluntary societies and cooperatives, by, as he aptly put it, “un-terrified” Jeffersonian democrats, who believed in the least government possible. Since World War II this tradition has been reborn and modified in the United States as anarcho-capitalism or libertarianism.
Anarchist solutions to social questions have ranged from total communism to an equally zealous individualism. In between are found sundry recipes, from anarcho-syndicalism to anarcho-capitalism.
Anarcho-capitalism is a form of anarchism whose prime tenet is that the free market, unhampered by government intervention, can coordinate all the functions of society currently carried out by the state, including systems of justice and national defense. Anarcho-capitalists believe that a system of private property based on individual rights is the only moral system - a system that implies a free market, or total voluntarism, in all transactions.
In fact, what Faucher and the others had come up with was a form of individualist anarchism, or, as it would be called today, anarcho-capitalism or market anarchism. This was in the 1840s.
Anarcho-capitalism, in my opinion, is a doctrinal system which, if ever implemented, would lead to forms of tyranny and oppression that have few counterparts in human history. ... I should add, however, that I find myself in substantial agreement with people who consider themselves anarcho-capitalists on a whole range of issues; and for some years, was able to write only in their journals. And I also admire their commitment to rationality which is rare though I do not think they see the consequences of the doctrines they espouse, or their profound moral failings.