argue that a truly laissez-faire system would be anti-capitalist and socialist. Murray Rothbard, who coined the term anarcho-capitalism and advocated such philosophy, argued that the robber baron period, hailed by the right and despised by the left as a heyday of laissez-faire, was not characterized by laissez-faire at all, but it was in fact a time of massive state privilege accorded to capital. The doyen of modern American market-oriented libertarianism and an Austrian School economist, Rothbard was initially an enthusiastic partisan of the Old Right, particularly because of its general opposition to war and imperialism. However, Rothbard had long embraced a reading of American history that emphasized the role of elite privilege in shaping legal and political institutions—one that was naturally agreeable to many on the left—and came increasingly in the 1960s to seek alliances on the left and especially with members of the New Left in light of the Vietnam War, the military draft and the emergence of the Black Power movement. Working with other radicals like Ronald Radosh and Karl Hess, Rothbard argued that the consensus view of American economic history, according to which a beneficent government has used its power to counter corporate predation, is fundamentally flawed. Rather, he argued that government intervention in the economy has largely benefited established players at the expense of marginalized groups, to the detriment of both liberty and equality. In tandem with his emphasis on the intimate connection between state and corporate power, he defended the seizure of corporations dependent on state largesse by workers and others. Rothbard ultimately broke with the left, allying himself instead with the burgeoning paleoconservative movement. This caused a divide between left-Rothbardians and right-Rothbardians, with most right-Rothbardians identifying as anarcho-capitalists, conservatives, paleoconservatives, paleolibertarians, propertarians or right-libertarians whereas left-Rothbardians and some thinkers associated with market-oriented libertarianism, drawing on the work of Rothbard during his alliance with the left and on the thought of Karl Hess, came increasingly to identify with the left on a range of issues, including opposition to war, corporate oligopolies and state-corporate partnerships as well as an affinity for cultural liberalism against Rothbard's later cultural conservatism and right-wing populism. One variety of this kind of libertarianism has been a resurgent mutualism, incorporating modern economic ideas such as marginal utility theory into mutualist theory. Carson's Studies in Mutualist Political Economy helped to stimulate the growth of new-style mutualism, articulating a version of the labor theory