Locke and Property Flashcards
What is John Locke’s fundamental view on property?
Property ownership is a natural right derived from labor.
How does Locke argue that common resources become private property?
When individuals mix their labor with resources, they gain rightful ownership.
What is Locke’s perspective on hard work and economic prosperity?
Economic success stems from individuals applying their skills and labor to production.
How does Locke’s theory of property support capitalism?
It emphasizes private ownership, free markets, and merit-based success.
What role does money play in Locke’s economic theory?
Money allows for wealth accumulation, leading to economic inequality.
Does Locke view economic inequality as unjust?
No, as long as property is acquired legitimately without depriving others of their natural rights.
How do capitalists use Locke’s philosophy to justify their views?
They argue that private property and free markets drive innovation, efficiency, and wealth creation.
How do socialists critique Locke’s perspective on wealth?
They argue that wealth concentration leads to exploitation and advocate for redistribution.
Which later thinkers were influenced by Locke’s economic ideas?
Adam Smith and John Stuart Mill.
What is Locke’s lasting impact on modern economic thought?
His ideas on property rights, free markets, and limited government continue to shape capitalist economies.
