Trust and Distributive Justice in John Locke's Politics of Money

Abstract

AbstractModern commentators tend to view John Locke's theory of money either in terms of a process of naturalization placing currency completely beyond the realm of politics or as an effort to provide a moral foundation for a convention subject to epistemic instability. This study builds on the latter interpretation but offers an alternative to the standard view that Locke sought to remove monetary policy from the scope of ongoing political deliberation. While Locke emphasized the concept of trust necessary for the networks of credit and economic exchange, his account of money also prioritized prudential judgments and distinct discursive contexts, especially relating to distributive justice. Locke's economic tracts give reason to reconsider his putative role as founder of the “sound money” doctrine and shed light on aspects of his statecraft only partly visible in his more familiar political works.