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Aren't the courts and the state the same entity? Who would enforce court decrees punishing BP? How would the market make BP suffer?
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Arbitration of civil disputes is one of the very few functions most libertarians, left or right, assign as legitimate duties of the State itself. However, there is no certain need even for this. Anarcho-libertarian theorists have argued for the feasibility of private arbitration, the outcomes enforced by social pressure and shunning for those found liable for damages.
The crucial difference is that beyond certain easily-controlled and enumerated court costs, the Government has no financial stake in a dispute, and has a markedly lessened ability to utilise the coercive power of the State in order to further the ideology in power at the time. With the State itself, with all its' corrupt, inefficient, wasteful, sluggish larcenous tendancies in charge of the fines, the amounts demanded, and most importantly the -recipient- of the fines, the power and temptation for abuse are tremendous.