Anarchism has a long and rich tradition. Its philosophy and history begins with rejection of capitalism and its hierarchical structure. Through most of its history, libertarianism and anarchism were synonymous. Recently, some proponents of laissez faire economics have taken to calling themselves anarcho-capitalists and libertarians. This usage is geographically limited to Austria and the Anglo-American countries.
Both the view of Anarchism as a Nihilist position admitting only destruction and the capitalist position of anarchism as purely political are regarded as grave misunderstandings of Anarchism by advocates.