Abstract
For all its importance, what is actually said about money in Two Treatises is highly obscure. Comparison with Locke's 1668–74 writings on interest reveals a common understanding of the function of money, akin to that of contemporary mercantilists, which illuminates many difficulties in the chapter on property. These writings are the source of the main economic concepts in the Treatises; namely, labour as the active source of wealth (which along with the Roman Law notion of self-ownership provides the basis of Locke's theory of property); money overcoming the ‘spoliation limit’ on the accumulation of consumables, and the idea that money is created by and derives its value from consent (which Two Treatises exploits as a justification of the unequal distribution of property). Finally, the early writings suggest how implausible it is to read a labour theory of exchange value into the Treatises.
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