Marginalist Journal 1:17-25. 2026The property rights are the determining factor in economic relations. However, they are also the effect of a preceding factor: the form of government. Thus, depending on the government, there will be a tendency toward private or collective ownership. In the case of a monarchy, this form of government determines a tendency toward private property; on the contrary, democracy tends toward the collectivization of property. In this sense, for a libertarian capitalist society to be feasible, its form of government must be an aristocratic democracy; that is, a democracy in which only those who own property can participate. Finally, it is demonstrated that a libertarian capitalist society is a society of shareholders governed by a CEO. In other words, a libertarian capitalist society coincides with what Mencius Moldbug called “joint-stock republic”. ( direct link )