Libertarianism - Definition, Pros & Cons (4 Minute Explainer)

Libertarianism is a political philosophy that emphasizes individual liberty, personal responsibility, and minimal government intervention in both personal and economic matters. Libertarians advocate for maximizing personal freedom while limiting the role of the state to functions like protecting individual rights, enforcing contracts, and ensuring national defense. They believe that individuals should be free to make their own choices as long as those choices do not harm others, aligning with principles such as self-ownership, voluntary exchange, and free markets.
Economically, libertarianism promotes limited regulation, low taxes, and the protection of private property, arguing that free markets lead to innovation, prosperity, and efficiency. Socially, libertarians champion individual autonomy, supporting personal choices in matters such as speech, lifestyle, and association. While libertarianism appeals to those seeking a smaller government and greater personal freedom, critics argue that it can overlook issues of inequality, social welfare, and the potential for unregulated markets to harm vulnerable populations.