Democracy and Economic Power: Extending the Employee Stock Ownership Plan Revolution
Kelso devised ESOPs (Employee Stock Option Plans) in the 1950s to enable wage earners to become stockholders through leveraged buyouts, and now 10 million are covered. Here Kelso and his wife propose to extend the reach of ESOPs to public employees, professionals, the self-employed, and even home-owners, with seven additional financing techniques, all on the ESOP principle. they believe that broadly-based ESOPs would democratize capitalism, invigorate labor unions, raise productivity, enhance industry's competitiveness, while also alleviating poverty, unemployment, and inflation. These sweeping claims, however, are based more on assertion and faith than on economic analysis. The writing is prolix and turgid. Not recommended. Harry Frumerman, formerly with Economics Dept., Hunter Coll., CUNYCopyright 1986 Reed Business Information, Inc.