Excerpt from: http://plato.stanford.edu/entries/locke-political/
"3. Property
Locke's treatment of property is generally thought to be among his most important contributions in political thought, but it is also one of the aspects of his thought that has been most heavily criticized. There are important debates over what exactly Locke was trying to accomplish with his theory. One interpretation, advanced by C.B. Macpherson, sees Locke as a defender of unrestricted capitalist accumulation. On Macpherson's interpretation, Locke is thought to have set three restrictions on the accumulation of property in the state of nature: 1) one may only appropriate as much as one can use before it spoils (Two Treatises 2.31), 2) one must leave “enough and as good” for others (the sufficiency restriction) (2.27), and 3) one may (supposedly) only appropriate property through one's own labor (2.27). Macpherson claims that as the argument progresses, each of these restrictions is transcended. The spoilage restriction ceases to be a meaningful restriction with the invention of money because value can be stored in a medium that does not decay (2.46–47). The sufficiency restriction is transcended because the creation of private property so increases productivity that even those who no longer have the opportunity to acquire land will have more opportunity to acquire what is necessary for life (2.37). According to Macpherson's view, the “enough and as good” requirement is itself merely a derivative of a prior principle guaranteeing the opportunity to acquire, through labor, the necessities of life. The third restriction, Macpherson argues, was not one Locke actually held at all. Though Locke appears to suggest that one can only have property in what one has personally labored on when he makes labor the source of property rights, Locke clearly recognized that even in the state of nature, “the Turfs my Servant has cut” (2.28) can become my property. Locke, according to Macpherson, thus clearly recognized that labor can be alienated. As one would guess, Macpherson is critical of the “possessive individualism” that Locke's theory of property represents. He argues that its coherence depends upon the assumption of differential rationality between capitalists and wage-laborers and on the division of society into distinct classes. Because Locke was bound by these constraints, we are to understand him as including only property owners as voting members of society."
