of Cospaia, Acadia, Anglo‐​Saxon England, Medieval Iceland, the American Old West, Gaelic Ireland, and law merchant, admiralty law, and early common law. Anarcho-capitalism is distinguished from minarchism, which advocates a night-watchman state limited to protecting individuals from aggression and enforcing private property. Anarcho-capitalism is also distinguished from mainstream anarchism, an anti-capitalist movement that opposes unnecessary coercion and hierarchy, and social anarchism, a branch of anarchism that sees individual freedom as interrelated with mutual aid. Unlike most anarchists, anarcho-capitalists support private property and private institutions. Anarcho-capitalists also reject the libertarian socialist economic theories of anarchism, arguing that they are inherently authoritarian or require authoritarianism to achieve. Despite its name, anarcho-capitalism lies outside the tradition of the vast majority of anarchists school of thoughts and is more closely affiliated with capitalism, right-libertarianism and classical liberalism. Traditional anarchist schools of thought oppose and reject capitalism, and consider "anarcho-capitalism" to be a contradiction in terms, although some, including anarcho-capitalists and right-libertarians, have argued that anarcho-capitalism is a form of anarchism. Anarcho-capitalism is usually seen as part of the New Right. Philosophy Author J Michael Oliver says that during the 1960s, a philosophical movement arose in the United States that championed "reason, ethical egoism, and free-market capitalism". According to Oliver, anarcho-capitalism is a political theory which logically follows the philosophical conclusions of Objectivism, a philosophical system developed by Russian-American writer Ayn Rand. Professor Lisa Duggan also says that Rand's anti-statist, pro–"free market" stances went on to shape the politics of anarcho-capitalism. According to Patrik Schumacher, the political ideology and programme of Anarcho-capitalism envisages the radicalization of the neoliberal "rollback of the state", and calls for the extension of "entrepreneurial freedom" and "competitive market rationality" to the point where the scope for private enterprise is all-encompassing and "leaves no space for state action whatsoever". On the state Anarcho-capitalists opposition to the state is reflected in their goal of keeping but privatizing all functions of the state. They see capitalism and the "free market" as the basis for a free and prosperous society. Murray Rothbard, who is credited with coining the term anarcho-capitalism, stated that the difference between free-market capitalism and state capitalism is the difference between "peaceful, voluntary exchange" and a "collusive partnership" between business and government that "uses coercion to subvert the free market". Rothbard argued that all government services, including defense, are inefficient because they lack a market-based pricing mechanism regulated by "the voluntary