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Someone who believes in individual liberty as a political principle. Libertarians want a small government that focuses on protecting individual rights and little else. They believe the government should have no role in social matters (gay marriage, for example) and business matters (regulations on businesses such as licensing and minimum wage laws). They want fewer wars and less political corruption, and a greatly reduced welfare state. They believe that this arrangement is both moral (because individual rights are paramount) and practical (because free markets lead to more diversity and wealth).
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