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It is unfortunate that the word has been hijacked by so many different groups of people. I would think of myself as Left Libertarian as it best describes my philosophical leanings when it comes to governance and power in general.
At the core, Libertarianism is neither right nor left. It's a concept of individualism vs collectivism. The Libertarian by and large promotes individualism, whereas the Authoritarian (the philosophy that directly opposes Libertarianism) supports a more collectivist approach.
These two things are neither right nor left. To take an example, we might all here agree that hate speech is wrong. Yet, how to solve the problem will no doubt cause disagreements. Some might take the collectivist point of view, believing that since hate speech is wrong that it must be outlawed. On the other hand, someone else might take the individualist point of view and determine that while hate speech is wrong, it should not be outlawed as all speech should be - at least in theory - free.
That's just a simple example of the difference between collectivism and individualism. It does not necessarily rule out compromise, nor does it rule out that someone who is primarily an individualist might take the side of the collectivist on certain issues.
Libertarianism is a philosophy that grew out of individualism. It has two primary schools of thought which, while occasionally agree, don't really like each other very much.
In the first school we have the moralist libertarians. They believe that ANY initiation of force against another individual is wrong. It is a philosophy largely built upon the old axiom do unto others as you'd have them do unto you. It is from this group that you hear things such as taxes are theft.
Indeed, if you believe that any initiation of force is wrong then taxation is theft if you do not wish to pay. If you refuse to pay taxes, the government can take various actions against you. One might say that, "Well you get a vote! So you get a say in who we elect and therefore how the money is spent!" This is true, but at the same time a moralist would counter with this scenario: Assume that you are being robbed. There are three men who have taken all of your money. Yet, to be fair, they will hold a vote on how to spend your money, and since it was yours you will also get a vote. Obviously, this is not a situation that most people would find agreeable, and to the moralist, this is how they view most of the governments actions.
You may get various moralists to say that they believe in a strong military, or this or that... but when you ask them how it is paid for the ideas are not really all that sound. In reality, libertarian moralism leads to anarchism which is an extreme form of individualism that believes that NO GOVERNMENT should exist at all.
The second school, the school that I would most closely identify with, are the consequentialist libertarians. These libertarians do not really have any "moral" principle that guides them. It is a simple belief in individualism. If you want a way to define them broadly you might say that they believe in a non-intrusive government that focuses on providing the maximum amount of freedom possible for each individual, allowing him or her to follow his own destiny, his or her own values, so long as he or she does not interfere with others attempting to do the same.
Obviously, the consequentialists can agree and disagree on various issues within their own circle. One might believe, for example, that a large military is necessary for the defense of freedom of all individuals. Another (such as myself) might believe that a large military provides the government with a license for imperialism, and therefore whatever illusionary freedom a large powerful military might provide is undermined by the governments own natural inclinations to use such a weapon at their disposal – wasting the lives of its citizens and requiring exorbitant amounts of unnecessary taxation to fund it.
As should be clear, while both consequentialists might believe a military of some size, even a small one, is necessary to some degree, the moralist, if he were to stay true to his belief that any initiation of force is wrong, and therefore oppose any taxation to create any sized military (effectively making a government run military non-existent) – would therefore be in diametrical opposition to BOTH consequentialists.
Libertarianism in the United States is often most closely identified with economic issues. The reality is that it encompasses all forms of government, and while a right leaning libertarian might focus more on the economic side of things, as a left libertarian I focus more on the social side of things.
Therefore, I support such things as a humans right to do whatever they want with their bodies. This would include, but not be limited to: having an abortion, engaging in sex with whomever they want for whatever reason they want, marrying whomever you want and as many whomevers you desire, the ability to ingest any substance known to mankind no matter how poisonous to your body (ending the war on drugs), the ability to access end-of-life care to die with dignity, etc.
That would only scratch the surface. Most people who would hear half of what I believe on social issues would perhaps identify me as a crazy liberal extremist nutjob. The reality is if we were to look at the world in totality or just the United States and Europe we'd find that those who call themselves "liberal" here in the States are really more centrist in nature, whereas those who would generally be identified with the modern right would be considered to the EXTREME right, and those here on the extreme right would be considered the fringe. Our politics has been moving rightward for decades.
In the end, I suppose the differences between many here when it comes to left and right, is that I do not view the scale as just left or right. Left or right might be good enough for economic issues, with the left supporting more collectivist government intervention in the economy, and the right preferring something more akin to a free market. When it comes to social issues, however, it might be better to consider things in an Authoritarian vs Libertarian frame. The authoritarian would support policies that are more collectivist and conformist in nature, which would be what we know as Conservatism. The Libertarian would support social policies that allow individuals to make such choices themselves, which would be what we commonly think of as liberal social policies.
The reality, however, is that today liberals often differ on economic policy more than social policy. Some self-identified liberals might support a strong socialist or even communist agenda. Other self-identified liberals might support the general principles behind the agenda, but disagree and favor a more free market approach. But this should never be considered in black and white terms, as it is always filled with tons of grey. It may be the difference between advocating for a British style healthcare system (in which everything is owned and controlled by the government) vs a modified French style healthcare system (which has attempted to implement free market principles within their system).
This is the reason I've taken to calling myself a left libertarian. I use left to differentiate myself from the crazies on the right who are primarily moralists or at least close enough. I use libertarian to differentiate myself from those on the left who might find themselves supporting authoritarian policies.
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