Locke uses the word property in both broad and narrow senses. In a broad sense, it covers a wide range of human interests and aspirations; more narrowly, it refers to material goods.
He argues that property is a natural right and it is derived from labour. Locke believed that ownership of property is created by the application, of labour. In addition, property precedes government and government cannot dispose of the estates of the subjects arbitrarily. Karl Marx later critiqued Locke’s theory of property in his social theory.