“The reports of my death are greatly exaggerated.” The famous phrase attributed to Mark Twain could be said to describe the current state of the libertarian movement in American politics, for while the Libertarian Party is torn apart by factionalism, the ideology itself is rebounding with the return of President Trump to the White House.

It appears at first glance that libertarianism is at an all-time low. The party’s presidential candidate, Chase Oliver, suffered a resounding defeat in the 2024 election, earning just 0.4 percent of votes cast, far from the party record of 3.3 percent that candidate Gary Johnson won in 2016. The party has in recent years seen a decline in due-paying members amid a power struggle between its Classical Liberal caucus, which Mr. Oliver embodied, and a more radical strain headed by the Mises Caucus, which critics decry as “alt right.”