In: Economics
What are the contributions of John Locke to the moral legitimization of capitalism?
legitimacy derived from a latin word meaning 'to declare lawful'. it requires transforming power into authority.
In political science, it difers from legality which doesnot ensure that government is respected as the supreme authority. In legitimacy, it is treated as a rational principle on the basis of which government demand obedience from its citizens.
Social contract theories like John locke were part of the debate on how government should practise its authority over the citizens. Three types of political legitimacy were identified based on history, customs and legal rules. In contrast, there was neo marxist theory which emphasised on the capitalist societies practising class antagonism and dreaded that a legitimation crises would usher that would make it difficult to attain political stability with consent only.
John locke also known as the Father of liberalism, worked on the development of political economy. He established a labor theory of property according to which ownership of a property is created by the application practise of labor. He also believed that human nature is responsible for people to attain traits like being selfish and tolerance. He assumed that ideal right to defend a state of nature was not adequate and a civil society should be establsihed by the people to resolve their grievencies with aid of government intervention.