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Will Anarcho-Capitalism devolve into Feudalism?

I received a few e-mails from yesterday’s post/slashdot-crosspost, [Slashdot] Couple Who Catch Cop Speeding Could Face Charges. Here is one such e-mail:

Greetings.
I noticed on a slashdot post you made.
I have been interested in anarcho-capitalism for quite a while but in discussion with my friends and others with such leanings a problematic question keeps recurring. What stops the development of overwhelmingly powerful private armies? I am familiar with the non-aggression maxim, but with the destructive capability of modern weapons systems couldn’t an individual with several billion dollars coerce just about anyone other than others with similar amounts of money? This is a problem that I can’t seem to find a good solution too. I apologize for the unsolicited e-mail but not many people at my university are familiar with anarcho-capitalism and I find that I am often the most educated one on the subject yet still had questions.

The main premise/question of a majority of the e-mails comes down to a debate-topic that has plagued the anarcho-capitalism debate since it started decades (centuries?) ago — will anarcho-capitalism devolve into feudalism?

Read this entire article at the anarcho-capitalism site.