In human societies there are three major power structures at work.
Government- This refers to the state: executive, legislative, and judicial powers.
Libertarianism seeks to restrict the potential for tyranny by limiting the powers of the state, placing those powers in the hands of individuals (who in turn can pursue money unrestricted).
Money- this refers to corporations and any profit driven interest.
Money becomes analogous with power when the amount of money being generated exceeds the cost of living for that particular individual.
Libertarianism is generally guilty of completely ignoring the potential for money to become a form of tyranny.
If corporations were, for example, to form monopolies over particular employment opportunities, then individuals would have less liberty to choose from many different companies.
If a particular company is the only game in town, they have the right to dictate everything from an employs political beliefs, to their manner of appearance and dress,
and how they conduct themselves outside of work. They are also able to pay lower wages than the employee deserves.
Employees become wage slaves under a libertarian economic system (and this is indeed exactly what happened during the industrial revolution until Uncle Sam began to crack down
on abusive business practices).
economic regulations prevent this from happening entirely and while many employers still police the personal lives of their employees the effect is mitigated substantially by the fact
that employees generally have the choice to work for another company.
Companies who cannot keep good employees are more likely to fail and so there is an incentive created to not behave tyrannically towards employees.
People- Individuals have power through numbers, social inclusion, social exclusion, and stigmatization.
People in great enough numbers have massive influence on social climates which has immense bearing on an individual's personal freedoms.
If you ask a member of a GSM (gender/sexual minority) who makes their lives the most difficult and who restricts their freedom the most, they won't tell you that it's Uncle Sam.
It's individual people.
It's prejudiced employers who refuse to hire them, businesses who refuse to serve them because of who or what they are, and harassment in the public sphere which pushes them out of public spaces.
Libertarianism fails to adequately protect minorities from abusive social climates.
It fails to protect people exercising individual liberties (such as drug use, for example) from being pushed out of society.
tl;dr so in summation,
despite the fact that I am a social libertarian (I believe in a great deal of far left radical personal freedoms) I believe that libertarianism in practice is
actually potentially dangerous to liberty.
I won't vote for a libertarian candidate despite agreeing with a great deal of their social ideals because I believe that their means of achieving those ideals allow tyranny to flourish.
I believe that the most personal liberty is achieved when People, Money, and Government are all keeping each other in check.
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