452:. It concerns the effect of technological change on the distributive dynamics of a private property, free market economy. Technological change, Kelso concluded, makes tools, machines, structures and processes ever more productive while leaving human productivity largely unchanged. The result is that primary distribution through the free market economy (whose distributive principle is "to each according to his production") delivers progressively more market-sourced income to capital owners and progressively less to workers who make their contributions through labor.
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563:. But on one side were the lions with all the weapons, and on the other the Christians with all the blood. That's not a level playing field. That's a slaughter. And so is putting people into the economy without equipping them with capital, while equipping a tiny handful of people with hundreds and thousands of times more than they can use.
455:
Differential productiveness over time concentrates market-sourced income in the hands of those who will not recycle it back through the market as payment for consumer goods and services. They already have most of what they want and need, so they invest their excess in new productive power. This is
1060:
Employee Stock
Ownership Plans: ESOP Planning, Financing, Implementation, Law and Taxation by Robert W. Smiley Jr., Ronald J. Gilbert, David M. Binns, Ronald L. Ludwig, and Corey M. Rosen, (Afterword by Louis O. Kelso and Patricia Hetter Kelso) The Beyer Institute at the Rady School of Management
468:
and economic insecurity for the majority of people who depend entirely on wage income and cannot survive more than a week or two without a paycheck. And since, as Adam Smith laid down, economic demand begins with the consumer and consumer purchasing power, the production side of the economy is
428:
theory, and the financial techniques he derived from this new perspective, were sound and workable in the economic and business world. Kelso gained that worldly knowledge from his work as a corporate and financial lawyer, and later as senior partner in the law firm he founded. He was further
483:
in 1988, Kelso described "the area in which first I alone, and then, beginning about 25 years ago, Patricia and I, have made our contribution to the world of economics and corporate (and other) finance. The Kelso contribution lies partly in the area of macro-economic discovery, and partly in
429:
motivated by his conviction that lawyers had a special responsibility to maintain and improve society's institutions in the light of its democratic values. He further believed that the business corporation was society's greatest social invention and that its executives had a
420:
fertilizer plant. Despite fierce opposition from the major oil companies who dominated the industry, Valley
Nitrogen Producers was a resounding success. Substantial dividends first paid for the stock and then drastically reduced fertilizer costs for the farmer-shareholders.
964:
Louis Orth Kelso, a lawyer and economist who sought to revolutionize capitalism through employee stock ownership plans, which he invented, died on Sunday at the
Pacific Medical Center in San Francisco. He was 77 years old and lived in San Francisco.
499:
was not the right term. But they could not come up with a better one. In their book they had called Kelso's new concept the theory of capitalism. Later Kelso and Hetter, wrestling with the same semantic problem, came up with the term
641:, by Louis O. Kelso and Patricia Hetter Kelso, Ballinger Publishing Co., Cambridge, Massachusetts: 1986; reprinted by University Press of America, Lanham, Maryland: 1991. Also available in Russian and Chinese.
770:
Equality of
Economic Opportunity Through Capital Ownership, Social Policies for America in the Seventies, edited by Robert Theobald, Doubleday & Co., New York: 1968. (Excerpts from this essay reprinted in
436:
Kelso long believed that he had not originated a new economic theory but only discovered a vital fact that the classical economists had somehow overlooked. This fact was the key to understanding why the
409:(1986, Ballinger Publishing Company, Cambridge, Massachusetts; reprinted 1991, University Press of America, Lanham, Maryland), both co-authored by Patricia Hetter Kelso, his collaborator since 1963.
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Binary
Economics, Fiduciary Duties, and Corporate Social Responsibility: Comprehending Corporate Wealth Maximization and Distribution for Stockholders, Stakeholders, and Society, by Robert Ashford,
760:, Anno VIII, No. 8, Rome, Italy, August, 1965; Far Eastern Economic Review, Vol. L, No. 1, Hong Kong, October 1965. Winner of the First Place 1964 McKinsey Award for Significant Business Writing.)
401:(Random House, 1961), the two authors present Kelso's financial tools for democratizing capital ownership in a private property, market economy. These ideas were further elaborated and refined in
1036:
The Theory of
Productiveness: A Microeconomic and Macroeconomic Analysis of Binary Growth and Output in the Kelso System, by Stephen V. Kane, The Journal of Socio-Economics, Vol. 29, No. 6, 2000.
448:
This missing fact, which Kelso had uncovered over years of intensive reading, research and thought, drastically modifies the classical paradigm which has dominated formal economics since
603:, by Louis O. Kelso and Mortimer J. Adler, Random House, New York: 1958; reprinted Greenwood Press, Westport, Connecticut: 1975. Also published in French, Spanish, Greek and Japanese.
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Kelso created the ESOP in 1956 to enable the employees of a closely held newspaper chain to buy out its retiring owners. Two years later Kelso and his co-author, the philosopher
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617:, by Louis O. Kelso and Mortimer J. Adler, Random House, New York: 1961; reprinted Greenwood Press, Westport, Connecticut: 1975. Also published in Japanese.
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the source of the distributional bottleneck which makes the private property, free market economy ever more dysfunctional. The symptoms of dysfunction are
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Employee
Ownership and Corporate Performance: A Comprehensive Review of the Evidence, The Journal of Employee Ownership Law and Finance, Vol. 14, No. 1,
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631:, by Louis O. Kelso and Patricia Hetter, Random House, New York: 1967; paperback edition, Vintage Books: 1968. (Originally published under the title
1033:, Vol. XIV, The Fletcher School of Law and Diplomacy, Global Development and Environment Institute, Tufts University, Medford, Massachusetts: 1998.
1020:
The Binary
Economics of Louis Kelso: The Promise of Universal Capitalism, by Robert H. A. Ashford, Rutgers Law Journal, Vol. 22, No. 1, Fall, 1990.
263:. With the war over, the completed manuscript in his footlocker, the Navy sent him back to civilian life in 1946. But 1946 was also the year the
202:(ESOP), invented to enable working people without savings to buy stock in their employer company and pay for it out of its future dividend yield.
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was notoriously unstable, pursuing a roller coaster course of exhilarating highs and terrifying descents into economic and financial collapse.
232:, where in 1937 he was graduated with a B.S. degree in business administration and finance; he went on to law school in Boulder, receiving a
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1029:
A New Market
Paradigm for Sustainable Growth: Financing Broader Capital Ownership with Louis Kelso's Binary Economics, by Robert Ashford,
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Binary
Economic Modes for the Privatization of Public Assets, by Jerry N. Gauche, The Journal of Socio-Economics, Vol. 27, No. 3, 1998.
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All of Kelso's financing tools and economic proposals are designed to correct the imbalance between production and consumption
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Kelso's next financing innovation, the Consumer Stock Ownership Plan (CSOP), in 1958 enabled a consortium of farmers in the
271:. This legislation, still in force, defines economic policy in the United States 170 years after the official birth of the
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504:. Not until after their last book was already in print did Kelso discover the term they had been searching for all along:
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194:; December 4, 1913 – February 17, 1991) was a political economist, corporate and financial lawyer, author, lecturer and
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Stumpff, Andrew W. (2009), "Fifty Years of Utopia: The Weird History of the Employee Stock Ownership Plan",
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Louis Kelso's Binary Economy, by Robert Ashford, The Journal of Socio-Economics, Vol. 25, No. 1, 1996.
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726:, by Paul K. Dempsey and Ronald E. McFarland, Scott, Foresman and Company, Glenview, Illinois: 1968.)
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831:'s Wealth and Poverty, The Great Ideas Today, Encyclopædia Britannica, Inc., Chicago: 1982.
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Kelso regarded the ESOP and CSOP as pragmatic proof that his revolutionary revision of
1087:"The Origin and History of the ESOP and Its Future Role as a Business Succession Tool"
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practical ways to implement and make good use of those discoveries in human affairs."
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as the right to a job. Kelso concluded that the time for his ideas had not yet come.
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Democracy and Economic Power: Extending the ESOP Revolution Through Binary Economics
407:
Democracy and Economic Power: Extending the ESOP Revolution Through Binary Economics
1073:(Winter 2009), Georgetown University Law School/American Bar Association: 419–432,
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The New Capitalists: A Proposal to Free Economic Growth from the Slavery of Savings
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The Greatest Financial Planning Tool of All ... Could ESOP Save General Motors?,
715:(published by the National Society of Accountants for Cooperatives), Winter 1964.
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The World According to Kelso, by Steven Hayward, Inland Business, April, 1987.
813:
Employee Stock Ownership Plans: A Micro-Application of Macro-Economic Theory,
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1000:
The ESOP According to Kelso, by Stuart Nixon, Air Line Pilot, October, 1984.
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708:(the Journal of the American Land Title Association), November 1964.
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Poverty and Profits, by Hostetler, Kelso, Long, Oates, the Editors,
389:, explained the macro-economic theory on which the ESOP is based in
240:
law firm, Pershing, Bosworth, Dick & Dawson from 1938 to 1942.
198:
who is chiefly remembered today as the inventor and pioneer of the
633:
How to Turn 80 Million Workers into Capitalists on Borrowed Money
947:"Louis O. Kelso, Who Advocated Worker-Capitalism, Is Dead at 77"
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518:
In 1971, Louis Kelso founded Kelso Bangert & Company as a
312:
746:
Other writings by Louis O. Kelso (with Patricia Hetter Kelso)
694:(published by Georgeson & Co.), New York, December 1963.
573:: A World of Ideas II, Public Opinions from Private Citizens
799:
Corporate Social Responsibility Without Corporate Suicide,
186:
177:
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University of California, San Diego, Vol. 1 & 2, 2007
676:
Labor's Great Mistake: The Struggle for the Toil State,
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investments in the late 1970s and would raise its first
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731:
The American Prospect: Insights into Our Next 100 Years
1096:(May 2010), Society of Financial Service Professionals
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in 1980. Today Kelso & Company is a $ 10 billion
1010:, edited by Andie Tucher, Doubleday, New York: 1990.
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Labor's Untapped Wealth: An Address by Louis Kelso,
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by Louis O Kelso, self-published; 2nd edition (1956)
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Praxis: The Fletcher Journal of Development Studies
530:. The firm, which would later come to be known as
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669:Corporate Benevolence or Welfare Redistribution?,
625:Available in PDF format from The Kelso Institute.
611:Available in PDF format from The Kelso Institute.
711:Cooperatives and the Economic Power to Consume,
1039:The Ultimate Management Team, by Chris Bayers,
557:
522:that would be both an advisor and investor in
1210:History of private equity and venture capital
1128:
752:Uprooting World Poverty: A Job for Business,
251:, and assigned to intelligence duty first in
8:
1317:Private equity and venture capital investors
855:Damning Binary Economics With Faint Praise,
808:Business & Government Insider Newsletter
1085:Menke, John D.; Buxton, Dickson C. (2010),
724:American Controversy: Readings and Rhetoric
683:Welfare State - American Style, Challenge,
629:Two-Factor Theory: The Economics of Reality
403:Two-Factor Theory: The Economics of Reality
347:. Unsourced material may be challenged and
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1121:
1113:
1094:Journal of Financial Service Professionals
479:In a biographical summary written for the
40:
29:
785:Invisible Violence of Corporate Finance,
733:, Houghton Mifflin Company, Boston: 1977.
367:Learn how and when to remove this message
1302:University of Colorado Law School alumni
848:How We Can Achieve Lifetime Employment,
827:Sychophantasy in Economics: A Review of
810:, July 30, August 6 and August 13, 1973.
722:, September–October 1966. (Reprinted in
635:.) Also published in Spanish and German.
294:with Kelso, Cotton, Seligman & Ray.
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690:The Case for the 100% Dividend Payout,
595:The distributive dynamics of capitalism
575:(1990, both book and video) page 214,
1048:National Center for Employee Ownership
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937:
935:
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869:The Great Savings Snafu, Business and
481:National Center for Employee Ownership
464:, the effects of which translate into
1297:University of Colorado Boulder alumni
297:He died on February 17, 1991, at the
217:Kelso began to think seriously about
7:
729:The Economic Foundation of Freedom,
687:, New York University, October 1963.
345:adding citations to reliable sources
210:He was born on December 4, 1913, in
993:"Equality Beyond Tax and Spend" by
1050:(NCEO), Oakland, California: 2002.
815:The American University Law Review
660:Karl Marx: The Almost Capitalist,
559:The Roman arena was technically a
25:
1292:Businesspeople from San Francisco
887:, October/November/December 1989.
284:University of Colorado at Boulder
230:University of Colorado at Boulder
108:University of Colorado at Boulder
1322:20th-century American economists
1191:
1008:Bill Moyers: A World of Ideas II
997:. Empirical August 2012 page 9.
862:Leveraged Buyouts Good and Bad,
685:The Magazine of Economic Affairs
678:American Bar Association Journal
662:American Bar Association Journal
654:Other writings by Louis O. Kelso
495:, Kelso and Adler believed that
317:
247:. Kelso was commissioned in the
167:
148:as a form of corporate ownership
1215:Early history of private equity
1057:, Vol. 76, No. 5-6, June, 2002.
876:Why Owner-Workers Are Winners,
806:Employee Stock Ownership Plan,
548:50 largest private equity firms
841:Tax Reform Is Not the Answer,
778:Reparations and the Churches,
528:employee stock ownership plans
433:in exercising its vast power.
261:The Fallacy of Full Employment
146:employee stock ownership plans
1:
1312:20th-century American lawyers
897:Looking in a Marxist Mirror,
883:Why I Invented the ESOP LBO,
469:under-nourished and hobbled.
200:employee stock ownership plan
838:, August and September 1982.
834:The Right to Be Productive,
1230:Private equity in the 2000s
1225:Private equity in the 1990s
1220:Private equity in the 1980s
1006:"Louis Kelso, Capitalist",
982:Standard Endorses Kelso Bid
794:Business and Society Review
756:, Fall 1964. (Reprinted in
416:to finance and start up an
228:This quest took him to the
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1307:Economists from California
1287:Businesspeople from Denver
713:The Cooperative Accountant
534:, would transition toward
487:Although going along with
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236:in 1938. He then joined a
1189:
890:Don't Meddle With ESOPs,
718:Why Not Featherbedding?,
701:, September–October 1964.
405:(Random House, 1967) and
395:(Random House, 1958). In
303:San Francisco, California
288:San Francisco, California
85:San Francisco, California
39:
1327:Economists from Colorado
1246:Private equity investors
704:Beyond Full Employment,
601:The Capitalist Manifesto
524:mergers and acquisitions
493:The Capitalist Manifesto
431:fiduciary responsibility
392:The Capitalist Manifesto
899:The Journal of Commerce
892:The Journal of Commerce
765:North Dakota Law Review
699:Harvard Business Review
792:Man Without Property,
763:Poverty's Other Exit,
585:
299:Pacific Medical Center
913:Post-scarcity economy
836:The Financial Planner
822:The Financial Planner
458:capital concentration
273:Industrial Revolution
156:Patricia Hetter Kelso
502:universal capitalism
341:improve this section
309:Development of ESOPs
290:. There he became a
221:in 1931, during the
1251:Venture capitalists
1156:Investment strategy
1108:Kelso & Company
955:. February 21, 1991
901:, January 11, 1991.
880:, January 29, 1989.
857:Workplace Democracy
803:, July–August 1973.
787:The Washington Post
671:The Business Lawyer
561:level playing field
544:private equity firm
540:private equity fund
532:Kelso & Company
514:Kelso & Company
491:'s cold-war title,
443:free market economy
398:The New Capitalists
286:. He then moved to
269:Full Employment Act
134:Kelso & Company
987:The New York Times
894:, October 2, 1989.
878:The New York Times
568:Louis O. Kelso in
546:and was among the
426:classical economic
381:Employee ownership
280:constitutional law
249:U.S. Naval Service
110:(BS 1934, JD 1938)
1264:
1263:
1256:Corporate raiders
1055:Tulane Law Review
990:, March 18, 1988.
864:Management Review
824:, November, 1981.
780:Business Horizons
754:Business Horizons
418:anhydrous ammonia
387:Mortimer J. Adler
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212:Denver, Colorado
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1282:1991 deaths
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1183:Secondaries
571:Bill Moyers
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267:passed the
96:Nationality
18:Louis Kelso
1271:Categories
1067:Tax Lawyer
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924:References
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526:involving
497:capitalist
450:Adam Smith
379:See also:
257:Canal Zone
243:Then came
56:1913-12-04
1178:Mezzanine
1150:investors
801:Challenge
720:Challenge
328:does not
219:economics
206:Biography
119:Economist
104:Education
907:See also
758:Mercurio
566:—
265:Congress
130:Employer
125:, Author
123:Investor
99:American
1202:History
1168:Venture
1079:1624386
885:Leaders
773:Current
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349:removed
334:sources
1173:Growth
1163:Buyout
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238:Denver
153:Spouse
1090:(PDF)
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1146:and
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