Louis O. Kelso – July 1983 Air date Louis O. Kelso (1913-1991 RIP)) was a lawyer, investor and economic thinker who sought to find a way to preserve capitalism from the competition of communism as an alternative within the context of the early Cold War and is credited with the creation of the first Employee Stock Ownership Plan (ESOP). His non-conformist “capitalism” might be compared to the peoples’ capitalism ideas of GK Chesterton in which ownership is distributed to as many people as possible within the economy. Kelso developed the idea of Binary Economics to explain the need for expanded capital ownership in light of industrial production and the dominance of capital instead of labor. In 1956 Louis Kelso invented the Employee Stock Ownership Plan (ESOP) to put his ideas into practice. The first ESOP which was used by the employees of Peninsula Newspapers Inc., based in Palo Alto, California, to acquire the newspaper chain. Since that time, ESOPs have been used by hundreds of companies, including Avis, Exxon Mobil, Standard Oil of California and Atlantic Richfield. In 1958, Kelso collaborated with the philosopher Mortimer Adler to write The Capitalist Manifesto that is considered the primary source of his economic theories. Kelso and Adler followed this book with The New Capitalists (Random House, New York: 1961). Both books are readable online from the Kelso Institute. Louis O. Kelso had significant discussions concerning a Basic Income Guarantee with Russell B. Long …
6:00 anyone know the “interesting cases” Mr Kelso is talking about in court then when property was more respected? There is no liberty without the ability to earn income.45:00 self insurance, is primitive. A modern way of risk management, commercially insured otherwise it builds capital ownership into the already rich where it is sterilized and is no use to the consumer economy and denies it to the poor who must suffer
@paulagloria “I am revolted by the thought of putting forward an idea that can’t be implemented, I think is a form of chicanery” … 46:31 could this be why Binary Economists don’t seem to get on with Henry Georgists? I do not think that Henry George was doing chicanery but somehow the knowledge today is not producing anything practical. ESOPS were also not the ideal as explained by Professor Robert Ashford who studied with Kelso.
@novoscapitalistas I wish you did not remove your comments.
26:00 his program for welfare – no one wants to be a parasite and if he knew his Constitutional rights he would like it less
Wow. I have to admit. Harold is really good here. He doesn’t interrupt at all. Which is shocking for him.
Yeah first to watch this and comment and rate it. Apart from the other people since 1983 who’ve seen it on TV. But hey. I love kelso.