Libertarianism 4. Austrian School

The Austrian school refers to the group of intellectuals influenced by the work of Ludwig Von Mises, an economist from Austria. Austrian economic theory provides a very detailed defence of the free market in a very sober and academic way. The two famous students of Ludwig Von Mises were Hayek and Rothbard. Of the two students Hayek ideas have proved more influential in the political mainstream and provided the basis for the Thatcherite economic policies of the 1980s. It should be noted in passing that the Thatcherism did not entail a rolling back of the state, but rather its aims were limited into making the state more efficient and encouraging the further cartelisation of the British economy by corporations.

Rothbard on the other hand was more influential on the Libertarian movement itself. He became more radical than Von Mises developing a new stand of libertarianism known as anarcho-capitalism, which arguing against 6,000 years of civilisation claimed that all states were tyrannical and needed to be overthrown and replaced by competing private security agencies who could be trusted to provide law and order and to such territories liberated from the state. The NLF on the other hand are minarchists believing states are legitimate and useful to the extent they protect individual rights.

Rothbard's anarchism has helped ensure Libertarianism remains in the political ghetto as it has created a rather rigid inflexibility amongst many libertarians, of taking the non aggression principle to the point of dogma. For example on state borders many libertarians would view it as tyrannical instrument as it prevents migrants from coming into the country and engaging in voluntary exchange. The fact that many who would otherwise enter the country in the face of firm border controls would become a burden on the welfare state and, given the forced association due to anti-discrimination laws, would in practice be trespassing on private property is simply brushed aside.