If Locke is viewed, correctly, as an advocate of expropriation and enslavement, what are the implications for classical liberalism and libertarianism? The most important is that there is no justification for treating property rights as fundamental human rights, on par with personal liberty and freedom of speech.
The true liberal tradition is represented not by Locke, but by John Stuart Mill, whose wholehearted commitment to political freedom was consistent with his eventual adoption of socialism (admittedly in a rather refined and abstract form).
Mill wasn’t perfect, as is evidenced by his support of British imperialism, for which he worked as an official of the East India Company, and more generally by his support for limitations on democratic majorities. But Mill’s version of liberalism became more democratic as experience showed that fears about dictatorial majorities were unfounded. By contrast, Locke’s classical liberalism has hardened into propertarian dogma.
As Mill recognized, markets and property rights are institutions that are justified by their usefulness, not by any fundamental human right. Where markets work well, governments should not interfere with them. But, when they fail, as they so often do, it is entirely appropriate to modify property rights and market outcomes, or to replace them altogether with direct public control.
Received ideas change only slowly, and the standard view of Locke as a defender of liberty is likely to persist for years to come. Still, the reassessment is underway, and the outcome is inevitable. Locke was a theoretical advocate of, and a personal participant in, expropriation and enslavement. His classical liberalism offers no guarantee of freedom to anyone except owners of capitalist private property.