This is a socioeconomic philosophy based on the primacy of individual rights and responsibilities. This idea holds that the only agreements that should bind an individual are those contracts into which he/she freely enters, and that unregulated economic activity in a society that cherishes both personal freedom and individual property rights will lead to an efficient economy and greater prosperity. This philosophy differs from traditional conservatives and modern liberal democrats in advocating both fiscal and personal freedom. If someone's actions don't harm others, then he should be free to do as he likes. They disapprove of taxing people to pay for social welfare, but believe that a free, untaxed economy will create plenty of jobs, with wealth left over for charity and freedom to move to where work can be found.

This philosophy believes primarily in limited government; that they should be limited to the protection of individuals and their private property against physical invasion. Government, Libertarians argue, should provide police, a constitution, courts and national defense only.