Libertarian socialism is a political philosophy advocating only minimal state intervention in the lives of citizens coupled with an economic system which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
The philosophy maintains full respect for personal property, however is skeptical of or fully against private property, arguing that neither claiming nor mixing one’s labour with natural resources is enough to generate full private property rights and maintain that natural resources such as land, oil, gold, and vegetation should be held in an egalitarian manner, either unowned or owned collectively.
Libertarian socialists advocate for decentralised structures based on direct democracy and federal or confederal associations such as libertarian municipalism, citizens’ assemblies, trade unions, and workers’ councils. Some advocate for the eventual replacement of money with labour vouchers or decentralised planning.