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Democrats emphasize more social freedom (legalize gay marriage, abortion, marijuana, etc.) but less economic freedom by advocating higher taxes, especially on the most productive members of our society.
Republicans are the opposite--less social freedom, more economic freedom.
Libertarians take the best of both worlds by advocating freedom across the board. As with any political viewpoint there are different degrees; some are basically Republicans who would like to be able to smoke up legally, or Democrats who want lower taxes. On the other end of the spectrum are the ones who think all roads, fire departments, etc should be privatized.
That's libertarianism in a nutshell.
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