2015 vacation ideas on Locke is generally considered a major figure in the history of political thought and political theory because his ideas paved the way for the ascendancy of political liberalism, and modern representative government. However, the realization of self-interest as the motivating force of conduct, which is inherent in his entire political philosophy, also played a profound role in the breakdown of state regulation of economic life and the development of modern economic doctrine. The decline of state intervention in the economy went hand-in-hand with the erosion of the monopolistic interests of MERCANTILISM and the GROWTH of competition. 502 Locke, John In the history of economic thought, the labor theory of property that Locke developed in his masterpiece Two Treatises provided a philosophical foundation for the classical labor theory of value, as well as more generally for the conditions of the new economy. Interestingly, by anchoring property in labor but upholding unlimited accumulation, Locke’s theory of property appealed not only to the rising capitalist class of his time, but to socialists of a later age as well. He made some of his most notable contributions to monetary theory with Some Consideration of the Consequences of the Lowering of Interest and Raising the Value of Money (1692) and Further Considerations concerning Raising the Value of Money (1695). Whereas 17th-century writers had usually addressed themselves exclusively to practical questions and policy proposals, Locke attempted to formulate the general principles of value and price. 2015 vacation ideas 2016.
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