The Capitalist Manifesto

In 1956, a U.S. lawyer-economist, Louis O. Kelso, created the employee stock ownership plan (ESOP) 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 Mortimer J. Adler, explained the macro-economic theory on which the ESOP is based in this best-selling book, The Capitalist Manifesto. “When you read this book, you must be prepared for a shock—particularly if you are among the millions of Americans who