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The Capitalist Manifesto, by Louis O. Kelso and Mortimer J. Adler, Random House, New York: 1958; reprinted Greenwood Press, Westport, Connecticut: 1975. Also published in French, Spanish, Greek and Japanese.

The New Capitalists, by Louis O. Kelso and Mortimer J. Adler, Random House, New York: 1961; reprinted Greenwood Press, Westport, Connecticut: 1975. Also published in Japanese.

Two-Factor Theory: The Economics of Reality, by Louis O. Kelso and Patricia Hetter, Random House, New York: 1967; paperback edition, Vintage Books: 1968. (Originally published under the title How to Turn 80 Million Workers into Capitalists on Borrowed Money.) Also published in Spanish and German.

Democracy and Economic Power: Extending the ESOP Revolution Through Binary Economics, by Louis O. Kelso and Patricia Hetter Kelso, Ballinger Publishing Co., Cambridge, Massachusetts: 1986; reprinted by University Press of America, Lanham, Maryland: 1991. Also available in Russian and Chinese.


Karl Marx: The Almost Capitalist, American Bar Association Journal, March, 1957.

Corporate Benevolence or Welfare Redistribution?The Business Lawyer, January, 1960.

Labor’s Great Mistake: The Struggle for the Toil State, American Bar Association Journal, February, 1960.

Welfare State – American StyleChallenge, The Magazine of Economic Affairs, New York University, October, 1963.

The Case for the 100% Dividend Payout, Trends (published by Georgeson & Co.), New York, December, 1963.

Poverty and Profits, by Hostetler, Kelso, Long, Oates, the Editors, Harvard Business Review, September-October, 1964.

Beyond Full EmploymentTitle News (the Journal of the American Land Title Association), November, 1964.

Cooperatives and the Economic Power to ConsumeThe Cooperative Accountant (published by the National Society of Accountants for Cooperatives), Winter, 1964.

Why Not Featherbedding?Challenge, September-October 1966. (Reprinted in American Controversy: Readings and Rhetoric, by Paul K. Dempsey and Ronald E. McFarland, Scott, Foresman and Company, Glenview, Illinois: 1968.)

The Economic Foundation of Freedom, The American Prospect: Insights into Our Next 100 Years, Houghton Mifflin Company, Boston: 1977.

Labor’s Untapped Wealth: An Address by Louis KelsoAir Line Pilot, October, 1984.


Uprooting World Poverty: A Job for Business, Business Horizons, Fall, 1964. (Reprinted in Mercurio, Anno VIII, No. 8, Rome, Italy, August, 1965; Far Eastern Economic Review, Vol. L, No. 1, Hong Kong, October, 1965. Winner of the First Place 1964 McKinsey Award for Significant Business Writing.)

Poverty’s Other ExitNorth Dakota Law Review, January, 1965.

Equality of Economic Opportunity Through Capital OwnershipSocial Policies for America in the Seventies, edited by Robert Theobald, Doubleday & Co., New York: 1968. (Excerpts from this essay reprinted inCurrent, April, 1968.)

Reparations and the ChurchesBusiness Horizons, December, 1969.

Invisible Violence of Corporate FinanceThe Washington Post, June 18, 1972.

Man Without PropertyBusiness and Society Review, Summer, 1972.

Corporate Social Responsibility Without Corporate SuicideChallenge, July-August, 1973.

Employee Stock Ownership Plan, Business & Government Insider Newsletter, July 30, August 6 and August 13, 1973.

Employee Stock Ownership Plans: A Micro-Application of Macro-Economic TheoryThe American University Law Review, Spring, 1977.

The Greatest Financial Planning Tool of All . . . Could ESOP Save General Motors?The Financial Planner, November, 1981.

Sychophantasy in Economics: A Review of George Gilder’s Wealth and PovertyThe Great Ideas Today, Encyclopœdia Britannica, Inc., Chicago: 1982.

The Right to Be ProductiveThe Financial Planner, August and September, 1982.

Tax Reform Is Not the AnswerChief Executive, Spring, 1983.

How We Can Achieve Lifetime EmploymentChief Executive, Autumn, 1983.

Damning Binary Economics With Faint PraiseWorkplace Democracy, Summer, 1987.

Leveraged Buyouts Good and BadManagement Review, November, 1987.

The Great Savings SnafuBusiness and Society Review, Winter, 1988.

Why Owner-Workers Are WinnersThe New York Times, January 29, 1989.

Why I Invented the ESOP LBOLeaders, October/November/December, 1989.

Don’t Meddle With ESOPsThe Journal of Commerce, October 2, 1989.

Looking in a Marxist MirrorThe Journal of Commerce, January 11, 1991.


Curing World Poverty: The New Role of Property, edited by John H. Miller, C.S.C., S.T.D., Social Justice Review, St. Louis: 1994.

Binary Economics: The New Paradigm, by Robert Ashford and Rodney Shakespeare, University Press of America, Lanham, Maryland: 1999.

EQUITY: Why Employee Ownership Is Good for Business, Corey Rosen, John Case, and Martin Staubus, Harvard Business School Press, Boston, Massachusetts: 2005.


The ESOP According to Kelso, by Stuart Nixon, Air Line Pilot, October, 1984.

The World According to Kelso, by Steven Hayward, Inland Business, April, 1987.

Louis Kelso, Capitalist, Bill Moyers: A World of Ideas II, edited by Andie Tucher, Doubleday, New York: 1990.

The Binary Economics of Louis Kelso: The Promise of Universal Capitalism, by Robert H. A. Ashford, Rutgers Law Journal, Vol. 22, No. 1, Fall, 1990.

Louis Kelso’s Binary Economy, by Robert Ashford, The Journal of Socio-Economics, Vol. 25, No. 1, 1996.

Binary Economic Modes for the Privatization of Public Assets, by Jerry N. Gauche, The Journal of Socio-Economics, Vol. 27, No. 3, 1998.

A New Market Paradigm for Sustainable Growth: Financing Broader Capital Ownership with Louis Kelso’s Binary Economics, by Robert Ashford, Praxis: The Fletcher Journal of Development Studies, Vol. XIV, The Fletcher School of Law and Diplomacy, Global Development and Environment Institute, Tufts University, Medford, Massachusetts: 1998.

The Theory of Productiveness: A Microeconomic and Macroeconomic Analysis of Binary Growth and Output in the Kelso System, by Stephen V. Kane, The Journal of Socio-Economics, Vol. 29, No. 6, 2000.

The Ultimate Management Team, by Chris Bayers, WIRED, January, 2002.

Employee Ownership and Corporate Performance: A Comprehensive Review of the EvidenceThe Journal of Employee Ownership Law and Finance, Vol. 14, No. 1, National Center for Employee Ownership (NCEO), Oakland, California: 2002.

Binary Economics, Fiduciary Duties, and Corporate Social Responsibility: Comprehending Corporate Wealth Maximization and Distribution for Stockholders, Stakeholders, and Society, by Robert Ashford, Tulane Law Review, Vol. 76, No. 5-6, June, 2002.


The New Owners, by Joseph Blasi and Douglas Kruse, HarperCollins Publishers Inc., New York: 1991.

The Great Game of Business, by Jack Stack, Doubleday, New York: 1992.

Open-Book Management: The Coming Business Revolution, by John Case, HarperCollins Publishers, New York: 1995.

One World, Ready or Not: The Manic Logic of Global Capitalism, by William Greider, Simon & Shuster, New York: 1997.

Participatory Employee Ownership: How It Works, by John Logue, et al., Worker Owner Institute, Kent State University, Kent, Ohio: 1998.

On the Way To Successful Employee Ownership, by Warren L. Braun, Harrisonburg, Virginia: 2000.

Jobs & Fairness: The Logic and Experience of Employee Ownership, Robert Oakeshott, Michael Russell (Publishing) Ltd., Wilby, Norwich, England: 2000.

A Stake in the Outcome, by Jack Stack and Bo Burlingham, Currency, New York, New York: 2002.

The Real World of Employee Ownership, by John Logue and Jacquelyn Yates, Cornell University Press, Ithaca, New York: 2001.

In the Company of Owners, Joseph Blasi, Douglas Kruse, and Aaron Bernstein, Basic Books, New York, New York: 2003.

The Soul of Capitalism, William Greider, Simon & Schuster, New York, New York: 2003.

Capital Homesteading for Every Citizen, Norman G. Kurland, Dawn K. Brohawn, and Michael Greaney, Economic Justice Media, Washington, D.C.: 2004.

Employee Stock Ownership Plans: ESOP Planning, Financing, Implementation, Law and Taxation, Robert W. Smiley, Jr., Ronald J. Gilbert, David M. Binns, Ronald L. Ludwig, and Corey M. Rosen, Eds., Beyster Institute at the Rady School of Management, University of California, San Diego: 2006.

The SAIC Solution: How We Built An $8 Billion Employee-Owned Technology Company, J. Robert Beyster with Peter Economy, John Wiley & Sons, Inc., Hoboken, New Jersey: 2007.

Shared Capitalism At Work: Employee Ownership, Profit and Gain Sharing, and Broad-Based Stock Options, Douglas L. Kruse, Richard B. Freeman and Joseph R. Blasi, Eds., The University of Chicago Press, Chicago and London: 2010.

The Origin and History of the ESOP and Its Future Role as a Business Succession Tool, John D. Menke, J.D. and Dickson C. Buxton, CLU, Ch.F.C., Journal of Financial Service Professionals, May, 2010.

The Citizen’s Share: Putting Ownership Back into Democracy, Joseph R. Blasi, Richard B. Freeman and Douglas R. Kruse, Yale University Press: 2013.