Impact Of John Locke On Globalization And Capitalism

John Locke (1632—1704), an English philosopher and political theorist, was a strong supporter of limited government and free market capitalism. Capitalism occurs when a country’s trade and industry is controlled by private owners for profit, rather than the government. Locke also had radical opinions on the right to private property. Karl Marx (1818–1883), a German philosopher who was skilled in economics, law, theology and literature, was a revolutionary socialist who believed in the abolishment of private property. Unlike free market capitalism, socialist governments maintain control over the production and distribution of goods, attempting to ensure economic equality for its citizens. Two different men, two different centuries, with opposing points of view who continue to influence today’s economic thoughts. What would these men think of the economic impact of the globalization and terrorism we have seen since the …show more content…
The peso was devalued and economies were affected worldwide. The United States sent Mexico a $50 million bailout and Mexico recovered. Several years later, the United States bailed out banks, insurance companies, mortgage lenders and automakers. These bailouts affected many nations invested in the United States such as China, France and Germany (Gayner, 2008).
John Locke would have been frustrated by the bailouts. Locke believed the chief purpose of government was to protect the rights of individuals, not other governments. Locke argued that through a social contact, men willingly gave up some rights to ensure liberty and property ownership, but the men could take back the rights if the government failed to protect those rights. Since Locke also supported a free market economy, he would have considered the bailouts to be government overreach. However, Locke would approve of a global economy as it is based on free