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Libertarian Party, U.S. political party devoted to the principles of libertarianism. It supports the rights of individuals to exercise virtual sole authority over their lives and sets itself against the traditional services and regulatory and coercive powers of federal, state, and local governments.

The Libertarian Party was established in Westminster, Colorado, in 1971 and fielded its first candidate for the presidency in the next years elections. In 1980 it achieved its height of success when it was on the ballot in all 50 states, and its presidential candidate, Edward E. Clark, a California lawyer, received 921,199 votes. Although this vote represented only about 1 percent of the national total, it was enough to make the Libertarian Party the third largest political party in the United States. Libertarian candidates ran in every subsequent presidential election, and several of its members were elected to local and state office, particularly in the West. Though subsequently the party failed to match its 1980 total, its presidential candidates consistently attracted hundreds of thousands of votes, and from 1992 the party consistently secured ballot access in all 50 states. In 2000 the party contested a majority of seats in the House of Representatives, and though it captured no seats, its candidates combined to win 1.7 million votes. The party maintains a national office in Washington, D.C., and has affiliates in every state. The Cato Institute, a public-policy research organization, was founded in 1977 in part by prominent members of the Libertarian Party.

In opposing the purported right of the state to dispose of the lives of individuals and the fruits of their labour, the Libertarian Party contends that a completely free market is a necessary economic condition for prosperity and liberty. To this end most Libertarians call for the repeal of personal and corporate income taxes; the replacement of most government-provided services, including Social Security and the post office, with private and voluntary arrangements; the repeal of regulations, including minimum wage and gun-control laws; and the dismantling of all regulatory bodies that do not promote freely contracted trade. In supporting an individuals right to liberty of speech and action, the Libertarian Party opposes all forms of censorship, insists on the right to keep and bear firearms, and defends the choice of abortion. Noting that the initiation of force against others constitutes a violation of fundamental rights, the Libertarian Party supports the prosecution of criminal violence and fraud but also advocates the repeal of laws against such victimless crimes as gambling, drug use, and prostitution.

Libertarian Party principles are incorporated into its platforms, which are established at semiannual conventions of national party officers and delegates from state affiliates. To direct the ongoing functions of the party, convention delegates elect an 18-member Libertarian National Committee, composed of a chairperson and 3 other officers, 5 at-large members, and 9 regional representatives. Presidential candidates are elected by a simple majority of convention delegates. The party publishes a number of pamphlets and newsletters, including the Libertarian Party News (monthly).

Excerpt from:
Libertarian Party | History, Beliefs, & Facts | Britannica.com