Various theorists have differing, though similar, legal philosophies which have been considered to fall under “anarcho-capitalism”. However, the first person to coin the term and widely regarded as its founder, and its most well-known version, was formulated by Austrian School economist and libertarian Murray Rothbard in the mid-20th century, synthesizing elements from the Austrian School of economics, classical liberalism, and 19th-century American individualist anarchists Lysander Spooner and Benjamin Tucker (while rejecting their labor theory of value and the normative implications they derived from it). A Rothbardian anarcho-capitalist society would operate under a mutually agreed-upon libertarian “legal code which would be generally accepted, and which the courts would pledge themselves to follow.” This pact would recognize sovereignty of the individual and the principle of non-aggression.