My mentor and former business partner, Louis Kelso speaks about Saving The Economy.
(Remix) The maverick Louis Kelso in the 1950’s discussed broad based capital ownership with Mortimer Adler and together authored the book “The Capitalist Manifesto” in 1958, followed by “The New Capitalist” in 1961. In these books were mentioned the works of Harold Moulton of the Brookings Institute who authored “The Formation of Capital”. To date the ideas presented have not been fully implemented or examined by main stream academia, politicians, or moral leaders – “Expanded Capital Ownership”.
Louis O. Kelso
“Alienation, which is growing rampant in our society and in all other countries of the globe, begins with economic alienation. Economic alienation begins with the erosion of productive power, which each man who has only his labor to sell, must necessarily suffer in an industrial society.”
“Socialism has been discredited. Plutocracy is in the process of being discredited. Democratic capitalism has yet to be tried.”
Walter Reuther was right in 1967 when he stated:
“Profit sharing in the form of stock distributions to workers would help to democratize the ownership of America’s vast corporate wealth which is today undemocratic and unhealthy.”
“If workers had definite assurance of equitable shares in the profits of the corporations that employ them, they would see less need to seek an equitable balance between their gains and soaring profits through augmented increases in basic wage rates. This would be a desirable result from a standpoint of stabilization policy because profit sharing does not increase costs. Since profits are a residual, after all costs have been met, and since their size is not determinable until after customers have paid the prices charged for the firm’s products, profit sharing [through wider share ownership] cannot be said to have any inflationary impact upon costs and prices.”
(Hearings on the 1967 Economic Report of the President, Joint Economic Committee of Congress, p. 774.)
For more information:
http://www.kelsoinstitute.org/
http://www.cesj.org/
http://capitalhomestead.org/
http://www.foreconmicjustice.org
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Also read “Democratic Capitalism And Binary Economics: Solutions For A Troubled Nation and Economy” at http://foreconomicjustice.com/11/economic-justice/
