libertarianism and individualist anarchism, drawing from Austrian School economics and public choice theory. Anarcho-capitalists are distinguished from minarchists, who advocate a small Jeffersonian night-watchman state limited to protecting individuals and their properties from foreign and domestic aggression; and from anarchists, who support personal property and oppose private ownership of the means of production, interest, profit, rent and wage slavery which they view as inherent to capitalism. Anarcho-capitalists hold that in the absence of statute society tends to contractually self-regulate and civilize through the spontaneous and organic discipline of the free market in what its proponents describe as a voluntary society. In an anarcho-capitalist society, law enforcement, courts and all other security services would be operated by privately funded competitors selected by consumers rather than centrally through confiscatory taxation. Along with all other goods and services, money would be privately and competitively provided in an open market and personal and economic activities would be regulated by victim-based dispute resolution organizations under tort and contract law, rather than by statute through centrally determined punishment under political monopolies which tend to become corrupt in proportion to their monopolization. Business regulations such as corporate standards, public relations, product labels, rules for consumer protection, ethics and labor relations would be regulated voluntarily via the use of competitive trade associations, professional societies and standards bodies. In theory, this would establish market-recourse for businesses' decisions and allow the market to communicate effectively with businesses by the use of consumer unions instead of centralized regulatory mandates for companies imposed by the state which anarcho-capitalists argue is inefficient due to regulatory capture. Anarcho-capitalists such as Hans-Hermann Hoppe claim that their philosophy predates the socialist forms of anarchism as according to them various liberal theorists have espoused legal and political philosophies similar to anarcho-capitalism. However, the first person to use the term anarcho-capitalism was Murray Rothbard, who synthesized in the mid-20th century elements from the Austrian School, classical liberalism and 19th-century American individualist anarchists Benjamin Tucker and Lysander Spooner while rejecting their labor theory of value and the norms they derived from it. A Rothbardian anarcho-capitalist society would operate under a mutually agreed-upon libertarian "legal code which would be generally accepted, and which the courts would pledge themselves to follow". This pact would recognize self-ownership, property, contracts and tort law in keeping with the universal non-aggression principle, with anarcho-capitalists arguing that it represents the only pure form of anarchism. Rothbard