praxeologist on Nostr: According to Rothbard, contracts based on future promises without a clear transfer of ...

According to Rothbard, contracts based on future promises without a clear transfer of property shouldn’t be enforced by law. The reasoning is that no one can transfer ownership of their future will. For instance, if I simply promise to pay you $1,000 tomorrow and you act on that, there’s no obligation for me to pay. However, if you give me $900 today and I promise to pay $1,000 tomorrow, this is different. In this case, property has changed hands, and if I don’t pay, it’s effectively theft. Therefore, in a libertarian society, contracts preventing a party from offering future services to others (like exclusivity agreements) wouldn’t be protected by law, ensuring monopolies can’t be legally enforced.

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