Explain the Term Libertarianism

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Libertarianism is an extreme laissez-faire political philosophy advocating only minimal state intervention in the lives of citizens. Since the 1970s Libertarians see themselves as part of the conservative movement as it is linked with supporters of free-market capitalism. On the other hand Libertarianism is also known as anarcho-capitalism which is associated strongly to the left wing of the political spectrum; this is understandable as the anarchist goal is freedom, liberty, and the ending of all hierarchical and authoritarian institutions and social relations. Libertarians believe that each person owns his own life and property, and has the right to make his own choices as to how he lives his life, as long as he simply respects the same right of others to do the same. Although libertarians do not advocate the abolition of the state they insist that the state restricts individual’s freedom and therefore its functions should be minimalized. Another Liberationist argument is that free market economics should be used as the state should not interfere with economic or social affairs. Furthermore Libertarians believe that, on every issue, you have the right to decide for yourself what's best for you and to act on that belief so long as you respect the right of other people to do the same and deal with them peacefully and honestly. Robert Nozick, an American Philosopher argued that the state should not provide welfare or taxation as he believed it is fundamentally a form of slavery. His view was that the state forcing taxpayers to give up a proportion of their income, which are effectively the state forcing taxpayers to work for the state without pay. Nozick also insisted that it was up to individuals to protect themselves from others. Another argument from Isaiah Berlin is that individuals have a social obligation to consider the welfare of others and coined the term
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