Abstract
Locke argues that the consent of market participants to the introduction of money justifies the economic inequalities resulting from monetarization. This paper shows that Locke’s argument fails to justify such inequalities. My critique proceeds in two parts. Regarding the consequences of the consent to money, neo-Lockeans wrongly take consent to justify inequalities in the original appropriation of land. In contrast, I defend the view that consent can only justify inequalities resulting directly from monetized commercial exchange. Secondly, regarding the nature of consent, neo-Lockeans uncritically accept Locke’s account of money as a natural institution. In contrast, I argue that money is an irreducibly political institution and that monetary economies cannot develop in the state of nature. My political account of money has far-reaching implications for the normative analysis of the global monetary system and the justification of the economic inequalities consequent upon it.
Highlights
Locke argues that the consent of market participants to the introduction of money justifies the economic inequalities resulting from monetarization
I argue that the consent argument is beset by two problems, which jeopardize its ability to deliver the sweeping justification of material inequalities that Locke and his followers thought could be derived from it
Regarding the consequences that the consent to money is taken to legitimate, contemporary neo-Lockeans3—and, to the extent that he held this view, Locke himself—are wrong in holding that the scope of justified inequality that is warranted by the device of consent covers inequalities in the original appropriation of land
Summary
Locke argues that the consent of market participants to the introduction of money justifies the economic inequalities resulting from monetarization. I conclude the article by exploring the consequences of my defense of the political nature of money in light of Locke’s argument that consent to money justifies the inequalities induced by monetization.
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