Creator of the employee stock ownership plan and more.
- Louis Kelso was born in Denver, Colorado, and attended the University of Colorado for his undergraduate and law degree.
- His first employee ownership experiment was with the Penninsula Newspapers in Palo Alto.
Democracy and Economic Power
Kelso, Louis O. and Patricia Hetter Kelso. Democracy and Economic Power: Extending the ESOP Revolution. Ballinger, 1986.
- Part I “Understanding Economic Democracy” (though throughout they more often use the term “democratic capitalism”)
- Part II “Getting There”, “Financing Tools for Democratizing Capitalism”
- ESOP - employee stock ownership plan
- MUSOP - mutual stock ownership plan
- Among smaller companies, allows workers across several companies to set up a fund that the companies could then draw from for capitalization
- CSOP - consumer stock ownership plan
- Likens it to a producer co-op (or consumer co-op)
- For companies or utilities with consistent, long-term customer base, customers could finance and gain ownership through patronage commitments
- After the first experiment in California, laws were changed to
- GSOP - general stock ownership plan
- under specific authorizing legislation, would allow low-capitalized people to become shareholders in public works
- ICOP - individual capital ownership plan
- enabling undercapitalized people to invest in undercapitalized businesses through special allowances
- COMCOP - commercial capital ownership plan
- a plan for distributing ownership of commercial real estate
- PUBCOP - public capital ownership plan
- For privatization of public assets and services
- RECOP - residential capital ownership plan
- capital credit for homebuyers
- Part III “Unions' New Role”
- Kelso, Louis and Patricia Hetter Kelso. “Why I Invented the ESOP LBO.” LEADERS 12, no. 4 (October–December 1989).
- Narvaez, Alfonso A. “Louis O. Kelso, Who Advocated Worker-Capitalism, Is Dead at 77.” The New York Times. February 21, 1991.
- Speiser, Stuart M. A Piece of the Action: A Plan to Provide Every Family with a $100,000 Stake in the Economy. Van Nostrand Reinhold, 1977.
- Shapiro, T. Rees. “Stuart M. Speiser, attorney for Ralph Nader in GM lawsuit, dies at 87.” The Washington Post. October 28, 2010.