John-
Is this some type of strawman argument?
Modern mutualists like Carson believe in a "subjectivized" labor theory of value holding that the price of a good tends to correspond to the subjective disutility of the labor needed to produce it - – since a higher price would be whittled away by competition while at a lower price the good would not be produced at all.
In a way... because the GOOD is the capital.
If you produce a shovel, but not for sale. Its is stored labor -capital.
There is stored labor -capital, current labor -currency, and future labor -credit built into the system.
The term capitalism could have just as easily been laborism or something else.
But mutualism is the underlying system... where in each of the stored, current, and future are relatively equal (obviously my skill or productivity could improve with experience). Its effectively hidden by the artificial systems placed upon it (i.e. taxation, tender, etc).
As for Locke, I believe he made a detour of logic. His theory of Natural Rights and Common Property spring from a Creator, that places human above other components of nature... but fails to prove such a Creator actually exists. If no such Creator exists, and Man springs only from nature... then Man is merely part and parcel of nature.
Alex is correct that Locke was a byproduct of his time, and most likely fell into the trap of Divine Right made by sovereigns of his day.