Ron Paul on the Principles of the Libertarian Party

In the 1988 presidential election, Paul defeated American Indian activist Russell Means to win the Libertarian Party nomination for president.

Paul criticized Ronald Reagan as a failure and cited high deficits as exhibit A. On the ballot in 46 states and the District of Columbia, Paul placed third in the popular vote with 432,179 votes (0.5%), behind Republican winner George H. W. Bush and Democrat Michael Dukakis. Paul was kept off the ballot in Missouri, and received votes there only when written in, due to what the St. Louis Post-Dispatch called a "technicality."

As the "Libertarian standard bearer," Paul gained supporters who agreed with his positions on gun rights, fiscal conservatism, homeschooling, and abortion, and won approval from many who thought the federal government was misdirected. This nationwide support base encouraged and donated to his later campaigns. Kent Snyder, Paul's 2008 campaign chair, first worked for Paul on the 1988 campaign.