Anarcho-capitalism (or, colloquially, ancap) is an anti-statist, libertarian, and anti-political philosophy and economic theory that seeks to abolish centralized states in favor of stateless societies with systems of private property enforced by private agencies, the non-aggression principle, free markets and the right-libertarian interpretation of self-ownership, which extends the concept to include control of private property as part of the self. In the absence of statute, anarcho-capitalists hold that society tends to contractually self-regulate and civilize through participation in the free market, which they describe as a voluntary society involving the voluntary exchange of services and goods. In a theoretical anarcho-capitalist society, the system of private property would still exist and be enforced by private defense agencies and/or insurance companies selected by customers which would operate competitively in a market and fulfill the roles of courts and the police. According to many anti-capitalist modern anarchist schools of thought, the word "anarchy" is sometimes considered to be the antithesis of hierarchy, therefore, "anarcho-capitalism" is sometimes considered to be a term with differences philosophically to what they personally consider to be true anarchism, as an Anarcho-Capitalist society would inherently contain hierarchy – though said hierarchy is largely considered consensual. This point is typically responded to by Anarcho-Capitalists by pointing out that etymologically, "anarchy" simply means "the absence of government," and by arguing that the stark difference between "government" and "governance" be considered; thus, many believe the philosophy's common name is indeed consistent, as it promotes private governance, but is vehemently anti-government. According to its proponents, various historical theorists have espoused philosophies similar to anarcho-capitalism, but the first person to use the term anarcho-capitalism was Murray Rothbard, in the 1940s. Rothbard, a leading figure in the 20th-century American libertarian movement, synthesized elements from the Austrian School, classical liberalism and 19th-century American individualist anarchists and mutualists Lysander Spooner and Benjamin Tucker while rejecting the labor theory of value. Rothbard's anarcho-capitalist society would operate under a mutually agreed-upon "legal code which would be generally accepted, and which the courts would pledge themselves to follow". This legal code would recognize contracts between individuals, private property, self-ownership and tort law in keeping with the non-aggression principle. Rothbard views the power of the state as unjustified, arguing that it restricts individual rights and prosperity, and creates social and economic problems. Anarcho-capitalists and right-libertarians cite several historical precedents of what they believe to be examples of quasi-anarcho-capitalism, including the Republic