Founder: The argument could be made that anarcho-capitalism is the default form of government, arising in any situation where despotism has not arisen or has not yet arisen. The first so-documented historical example of an anarcho-capitalist society might be that of ancient Israel in the years leading up to the monarchy ("In those days Israel had no king; everyone did as he saw fit." -- Judges 21:25), other examples being medieval Iceland and the American Old West. But the first person to formulate anarcho-capitalism as a political philosophy was the 20th-century Austrian economist Murray Rothbard, who found his inspiration in the pre-Revolutionary but semi-postcolonial, trade-oriented governments of 18th-century North America.
Advantages of Anarcho-Capitalism: In theory, there's nothing a government can do that a private corporation can't do just as well.
Limitations of Anarcho-Capitalism: In practice, a sufficiently powerful private corporation becomes a government. Panama under Manuel Noriega, in which the government briefly operated as a component of his international drug operation, is a good case in point.
Current Advocates of Anarcho-Capitalism: The Molinari Institute