Tate Fegley and Jeff Deist discuss what crime and punishment might look like in a libertarian society, and how to convince skeptical libertarians that private police can do a better job of dealing with violence, theft, and fraud.
Private, competing defense agencies would operate with completely different incentives than state police: unlike government cops, private cops get fired when crime goes up. Private police have a direct financial interest in avoiding escalation of conflicts, avoiding legal liability for death or injuries, and avoiding damage to their agency's reputation. And under a Hoppean insurance model, both insurance companies and property owners have a direct incentive to prevent, rather than merely respond, to crime.
Finally, they discuss how direct restitution, rather than lengthy taxpayer-funded incarceration, would be a more economically efficient and more humane approach to helping crime victims.