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Uploaded on Feb 22, 2007
Louis O. Kelso (1913-1991) was a lawyer 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. Louis O. Kelso (1913-1991) was a lawyer and economic thinker In 1956 Louis Kelso invented the Employee Stock Ownership Plan (ESOP) to put his ideas into practice. In 1958 he 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 and Daniel Patrick Moynihan.