Louis O. Kelso Quotes
Louis O. Kelso was an American economist, lawyer, and author known for his contributions to the field of employee ownership and profit-sharing. He is best known for coining the term “capitalism” and developing the concept of “binary economics,” which advocates for widespread…Read More
Louis O. Kelso was an American economist, lawyer, and author known for his contributions to the field of employee ownership and profit-sharing. He is best known for coining the term “capitalism” and developing the concept of “binary economics,” which advocates for widespread ownership of capital by workers. Kelso’s notable works include “The Capitalist Manifesto” and “The New Capitalists: A Proposal to Free Economic Growth from the Slavery of Savings.” He also played a key role in the creation of the Employee Stock Ownership Plan (ESOP) in the United States. Kelso’s ideas continue to influence discussions on economic policy and the role of workers in capitalism.Read Less
Louis O. Kelso was an American economist, lawyer, and author known for his contributions to the field of employee ownership and profit-sharing. He is best known for coining the term “capitalism” and developing the concept of “binary economics,” which advocates for widespread ownership of capital by workers. Kelso’s notable works include “The Capitalist Manifesto” and “The New Capitalists: A Proposal to Free Economic Growth from the Slavery of Savings.” He also played a key role in the creation of the Employee Stock Ownership Plan (ESOP) in the United States. Kelso’s ideas continue to influence discussions on economic policy and the role of workers in capitalism.
Louis O. Kelso Career Highlights
Louis O. Kelso was an American economist, lawyer, and author who is best known for his work on employee ownership and profit-sharing. He was born on November 22, 1913, in Oakland, California and passed away on February 17, 1991, in San Francisco, California.Kelso received his Bachelor of Arts degree from the University of California, Berkeley and went on to earn his law degree from Boalt Hall School of Law. He then served in the United States Army during World War II before starting his career as a lawyer.In 1956, Kelso co-founded the law firm Kelso, Cotton, Seligman & Ray, which specialized in employee ownership and profit-sharing plans. He also served as a consultant to various government agencies and corporations on these topics.
Key Contributions by Louis O. Kelso
Kelso is best known for his work on employee ownership and profit-sharing, which he believed could help solve the economic problems of the time. He developed the concept of the Employee Stock Ownership Plan (ESOP) and advocated for its implementation in companies.Kelso also co-authored the book “The Capitalist Manifesto” with philosopher Mortimer J. Adler, which outlined his ideas on how to create a more just and equitable society through widespread ownership of capital.
What Sets Louis O. Kelso Apart
Kelso’s ideas on employee ownership and profit-sharing were considered revolutionary at the time and continue to be influential today. He believed that by giving employees a stake in the company they work for, they would have a greater sense of ownership and responsibility, leading to increased productivity and a more equitable distribution of wealth.Kelso’s work also had a significant impact on the field of economics, challenging traditional theories and proposing alternative solutions to economic problems.
Takeaways
Louis O. Kelso’s contributions to the fields of employee ownership and profit-sharing have had a lasting impact on the business world and continue to be studied and implemented today. His ideas on creating a more just and equitable society through widespread ownership of capital are still relevant and continue to be debated and discussed.
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