Here are the basic failure points in anarcho-capitalism, as evidenced by what we know of history:
1. Natural monopolies occur even if there is no government. And once those monopolies occur, there is no longer competition, and the advantages of a free market evaporate.
2. Voluntary contracts can still be coercive, exploitative and oppressive if there is no other way to survive except to submit to them. In anarcho-capitalism, there is nothing standing in the way of of the “haves” effectively enslaving the “have-nots” in exactly this voluntary fashion.
3. Private property is tyrannically oppressive to liberty - the “fencing off” of the world to first-come, first-serve opportunists effectively eliminates liberty and opportunity for everyone who shows up late. Multi-generationally this exacerbates capricious inequity, especially if children can inherit what they haven’t earned. The same is true of wealth accumulation and its relationship to power. Private ownership and its inevitable concentrations of capital ultimately consolidates power and freedom around a select few.
4. The profit motive has been predictably corrosive to social cohesion and civil society in its amplification of individualist materialism, rewarding of psychopathic egotism, and toddlerization of dependent consumers. It’s just not a good idea to rely on the profit motive to sustain civil society. You usually end up with despots and thugs in fairly short order.
5. For any form of anarchism to function, the entire society - down to every outlier - must voluntarily agree to whatever basic assumptions and expectations are in play for things like commerce, transportation, communication, morality and the other nuts-and-bolts of civil society to function reliably. And frankly we just aren’t there yet - the diversity of such assumptions and expectations is just too great.
My 2 cents.
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