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Minarchists maintain that the state is necessary for the protection of individuals from aggression, theft, breach of contract and fraud.They believe the only legitimate governmental institutions are the military, police and courts, though some expand this list to include fire departments, prisons and the executive and legislative branches.It is a moral stance which forbids actions that are inconsistent with capitalist property rights.The principle defines "aggression" and "initiation of force" as violation of these rights.They justify the state on the grounds that it is the logical consequence of adhering to the non-aggression principle and argue that anarchism is immoral because it implies that the non-aggression principle is optional and that the enforcement of laws under anarchism is open to competition.Anarcho-capitalists argue that the state violates the non-aggression principle by its nature because governments use force against those who have not stolen or vandalized private property, assaulted anyone, or committed fraud.Here is a suggestion: Let those of us who love liberty trade-mark and reserve for our own use the good and honorable word "libertarian".
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The person most responsible for popularizing the term "libertarian" was Murray Rothbard, who started publishing libertarian works in the 1960s.
In the 1950s, Russian-American novelist Ayn Rand developed a philosophical system called Objectivism, expressed in her novels The Fountainhead and Atlas Shrugged as well as other works, which influenced many libertarians.
Libertarian philosopher Moshe Kroy argues that the disagreement between anarcho-capitalists who adhere to Murray Rothbard's view of human consciousness and the nature of values and minarchists who adhere to Ayn Rand's view of human consciousness and the nature of values over whether or not the state is moral is not due to a disagreement over the correct interpretation of a mutually held ethical stance.
He argues that the disagreement between these two groups is instead the result of their disagreement over the nature of human consciousness and that each group is making the correct interpretation of their differing premises.
He justified the choice of the word as follows: Many of us call ourselves "liberals." And it is true that the word "liberal" once described persons who respected the individual and feared the use of mass compulsions.