Conservative libertarianism
The main goal of conservative libertarianism is shrinking the power of coercive government (the state) and to promote free markets, but often hold a contractarian view that the state should legitimately exist and support some welfare to reduce inequality. Conservative libertarians support economically conservative goals such as cutting taxes and government spending, a balanced budget, and curbing the power of programs such as welfare and Social Security. Conservative libertarians set voucher privatization and intervene in some public goods such as roads, education vouchers, consumer safety regulations, the Food and Drug Administration and the Federal Reserve that cannot be provided privately. They may support some types of public welfare such as FairTax or a negative income tax. They may support moderate military intervention such as the War in Afghanistan and maintaining peace in Iraq, and support for moderate social restrictions like the PATRIOT ACT. Notable conservative libertarians include the Chicago School, Wayne Allyn Root and Vern McKinley.
Libertarian conservatism
Constrast to paleoconservatives, libertarian conservatives support free trade, strict laissez-faire policies on economics. They are vehemently opposed to environmental regulations, corporate welfare, subsidies, and other areas of economic intervention. Many of them have views in accord to Ludwig von Mises and Murray Rothbard.
Libertarian conservatives are more tolerant to drug legalization and illegal immigration than paleoconservatives. They see that illegal immigration is caused by the welfare state, that should be first get rid of. However, many of them oppose abortion, as they see it as a positive liberty and violates the non-aggression principle because abortion is aggression towards the fetus.[6]
Neolibertarianism
Like classical libertarianism, neolibertarianism embraces small government, free markets, deregulation, opposition to corporate welfare, the expansion of civil liberties, and the separation of church and state. However, neolibertarians support an interventionist foreign policy. They believe in militarism to expand democracy, international alliances with foreign nations, a strong defense, and increased military spending. They believe in defeating authoritarian nations. Notable neolibertarians include Drew Carey, the Cato Institute and the Reason Foundation.