Anarcho-capitalism is a political philosophy that advocates the elimination of the state in favor of individual sovereignty, private property, and open markets. Anarcho-capitalists believe that in the absence of statute (law by decree or legislation), society would improve itself through the discipline of the free market (or 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 rather than centrally through compulsory taxation. Money, along with all other goods and services, would be privately and competitively provided in an open market. Therefore, personal and economic activities under anarcho-capitalism 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.