Modern political economy rests on an implicit moral inversion: money, originally a means of exchange, has become the governing standard of value. This paper traces that inversion to a pivotal but underexamined move in early liberal property theory — the treatment of money as a morally exceptional object. Reconstructing the original life-grounded constraints on private property articulated by John Locke, the analysis shows how labor, sufficiency, and non-waste once functioned as intrinsic moral limits. The introduction of money, conceived as non-perishable and value-neutral, quietly bypassed these limits in practice without refuting them in principle.
The paper names this bypass the money exception and demonstrates how it reverses the value order of society: life ceases to govern property, and property — measured monetarily — comes to govern life. Drawing on John McMurtry’s Life-Value Onto-Axiology, the paper distinguishes between life-sequence and money-sequence systems and explains why money-governed systems reliably generate ecological degradation, public health failure, and social insecurity while appearing economically successful.
Rather than rejecting markets or private property, the paper argues for restoring the life-grounded conditions that once made them morally intelligible. It reframes contemporary crises as a correctable design flaw in the moral architecture of political economy and offers a coherent basis for re-embedding money, markets, and property within the requirements of life itself.
