This system of no system can only work if people have an extremely high esteem for their neighbors. Otherwise, conflicts of property and emotions doom it to failure. In fact, take out the slavery from the U. S. Constitution and you have a fairly Libertarian government started in 1789, although the Declaration of Independence was more true to form of Libertarianism. This system can vary somewhat, and Libertarians today certainly don't agree on every issue, abortion for one. Some of them say that it is none of the governments business, others say that it is a legitimate function of even a small government to protect life.
Libertarianism also seeps into other forms of governance.
Using abortion again, many Liberals agree with them on this, although it conflicts with their ideals of bigger government. Most prosperous nations today have some Libertarian ideals at work within them. They also seem to be more nationalistic with more concern about Defense and international treaties. Most Conservatives want the government to grow at no more than the rate of inflation, some view it as much too big now, so government spending should actually decrease until it reaches an acceptable size. Conservatives believe that private charities and private businesses could perform many if not most of the functions of government, at a more reasonable and voluntary cost.