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Louis Kelso
Louis Orth Kelso (; December 4, 1913 – February 17, 1991) was a political economist, corporate and financial lawyer, author, lecturer and merchant banker who is chiefly remembered today as the inventor and pioneer of the employee stock ownership plan (ESOP), invented to enable working people without savings to buy stock in their employer company and pay for it out of its future dividend yield. Biography He was born on December 4, 1913 in Denver, Colorado. Kelso began to think seriously about economics in 1931, during the Great Depression. He was determined to launch his own investigation into the cause of a phenomenon no one was able to explain to his satisfaction. This quest took him to the University of Colorado at Boulder, where in 1937 he was graduated with a B.S. degree in business administration and finance; he went on to law school in Boulder, receiving a J.D. in 1938. He then joined a Denver law firm, Pershing, Bosworth, Dick & Dawson from 1938 to 1942. Then came Pe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Denver, Colorado
Denver () is a consolidated city and county, the capital, and most populous city of the U.S. state of Colorado. Its population was 715,522 at the 2020 census, a 19.22% increase since 2010. It is the 19th-most populous city in the United States and the fifth most populous state capital. It is the principal city of the Denver–Aurora–Lakewood, CO Metropolitan Statistical Area and the first city of the Front Range Urban Corridor. Denver is located in the Western United States, in the South Platte River Valley on the western edge of the High Plains just east of the Front Range of the Rocky Mountains. Its downtown district is immediately east of the confluence of Cherry Creek and the South Platte River, approximately east of the foothills of the Rocky Mountains. It is named after James W. Denver, a governor of the Kansas Territory. It is nicknamed the ''Mile High City'' because its official elevation is exactly one mile () above sea level. The 105th meridian we ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employment Act Of 1946
The Employment Act of 1946 ch. 33, section 2, 60 Stat. 23, codified as , is a United States federal law. Its main purpose was to lay the responsibility of economic stability of inflation and unemployment onto the federal government. The Act stated: it was the "continuing policy and responsibility" of the federal government to: :coordinate and utilize all its plans, functions, and resources . . . to foster and promote free competitive enterprise and the general welfare; conditions under which there will be afforded useful employment for those able, willing, and seeking to work; and to promote maximum employment, production, and purchasing power. Congressional liberals originally intended to secure a federal commitment to "full employment", though the conservative coalition that controlled Congress at the time prevented this language from being included in the final bill. Stein (1969) notes, "The failure to pass a 'Full Employment Act' is as significant as the decision to pass the Em ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Private Property
Private property is a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property and personal property, which is owned by a state entity, and from collective or cooperative property, which is owned by a group of non-governmental entities. Private property is foundational to capitalism, an economic system based on the private ownership of the means of production and their operation for profit. The distinction between private and personal property varies depending on political philosophy, with socialist perspectives making a hard distinction between the two. As a legal concept, private property is defined and enforced by a country's political system. History Ideas about and discussion of private property date back to the Persian Empire, and emerge in the Western tradition at least as far back as Plato. Prior to the 18th century, English speakers generally used the word "property" in reference ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiduciary Responsibility
A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties (person or group of persons). Typically, a fiduciary prudently takes care of money or other assets for another person. One party, for example, a corporate trust company or the trust department of a bank, acts in a fiduciary capacity to another party, who, for example, has entrusted funds to the fiduciary for safekeeping or investment. Likewise, financial advisers, financial planners, and asset managers, including managers of pension plans, endowments, and other tax-exempt assets, are considered fiduciaries under applicable statutes and laws. In a fiduciary relationship, one person, in a position of vulnerability, justifiably vests confidence, good faith, reliance, and trust in another whose aid, advice, or protection is sought in some matter... In such a relation, good conscience requires the fiduciary to act at all times for the sole benefit and interest of the one who trust ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Classical Economics
Classical economics, classical political economy, or Smithian economics is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange (famously captured by Adam Smith's metaphor of the invisible hand). Adam Smith's ''The Wealth of Nations'' in 1776 is usually considered to mark the beginning of classical economics.Smith, Adam (1776) An Inquiry into the Nature and Causes of The Wealth of Nations. (accessible by table of contents chapter titles) AdamSmith.org The fundamental message in Smith's book was that the wealth of any nation was determined not by the gold in the monarch's coffers, but by its national income. This income was in turn based on the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anhydrous Ammonia
Ammonia is an inorganic compound of nitrogen and hydrogen with the formula . A stable binary hydride, and the simplest pnictogen hydride, ammonia is a colourless gas with a distinct pungent smell. Biologically, it is a common nitrogenous waste, particularly among aquatic organisms, and it contributes significantly to the nutritional needs of terrestrial organisms by serving as a precursor to 45% of the world's food and fertilizers. Around 70% of ammonia is used to make fertilisers in various forms and composition, such as urea and Diammonium phosphate. Ammonia in pure form is also applied directly into the soil. Ammonia, either directly or indirectly, is also a building block for the synthesis of many pharmaceutical products and is used in many commercial cleaning products. It is mainly collected by downward displacement of both air and water. Although common in nature—both terrestrially and in the outer planets of the Solar System—and in wide use, ammonia is both Causti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Valley (California)
The Central Valley is a broad, elongated, flat valley that dominates the interior of California. It is wide and runs approximately from north-northwest to south-southeast, inland from and parallel to the Pacific coast of the state. It covers approximately , about 11% of California's land area. The valley is bounded by the Coast Ranges The Pacific Coast Ranges (officially gazetted as the Pacific Mountain System in the United States) are the series of mountain ranges that stretch along the West Coast of North America from Alaska south to Northern and Central Mexico. Although th ... to the west and the Sierra Nevada to the east. The Central Valley is a list of regions of California, region known for its agricultural productivity: it provides more than half of the fruits, vegetables, and nuts grown in the United States. More than of the valley are irrigated via reservoirs and canals. The valley hosts many cities, including the state capital Sacramento, California, Sacramento ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New Capitalists
The “New Capitalists” is a term used by Stephen Davis, Jon Lukomnik and David Pitt-Watson in a book of the same title. It describes the increasing ownership of companies by collective investment schemes representing millions of savers. The millions of savers are defined as the “New Capitalists.” They include individuals with retirement savings, life insurance and other direct and indirect equity investments. Currently they represent between one half and one third of the adult population of most developed countries, and own between 40% and 80% of the outstanding shares on the stock markets of the developed world. The Book The book describes how the existence of millions of beneficial owners changes the nature of company goals, and the meaning of shareholder value. Though companies may avoid the influence of these new owners, the book argues that a series of forces, collectively known as the civil economy are strengthening markedly the influence of the New Capitalists. ''The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Capitalist Manifesto
''The Capitalist Manifesto'' is a 1958 book by Louis O. Kelso, a lawyer-economist and Employee Stock Ownership Plan (ESOP) inventor, and Mortimer J. Adler, a neo-Thomist philosopher. Kelso and Adler detail the three principles of economic justice, ''Participation'', ''Distribution'', and ''Limitation''. These principles laid the foundation of what eventually came to be called binary economics. The term "binary" comes from attributing all production (participation) and just distribution of income to two factors, the human, classified as labor, and the non-human, classified as capital. In the Preface, Adler acknowledged Kelso as the originator of the theory. Publication history *New York: Random House, 1958. *Westport, Connecticut: Greenwood Press, 1975. *Whitefish, Montana: Literary Licensing, LLC, 2011. Reception ''The Capitalist Manifesto'' was on ''The New York Times'' Non-Fiction Best Seller List in February and March 1958, ranking 15th and 13th, respectively, and was revie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortimer J
Mortimer () is an English surname, and occasionally a given name. Norman origins The surname Mortimer has a Norman origin, deriving from the village of Mortemer, Seine-Maritime, Normandy. A Norman castle existed at Mortemer from an early point; one 11th century figure associated with the castle was Roger, lord of Mortemer, who fought in the Battle of Mortemer in 1054. The 12th century abbey of Mortemer at Lisors near Lyons-la-Forêt is assumed to share the same etymological origin, and was granted to the Cistercian order by Henry II in the 1180s. According to the toponymists Albert Dauzat and later, François de Beaurepaire, there are two possible explanations for such a place name: First, a small pond must have already existed before the land was given to the monks and have already been called ''Mortemer'' like the two other ''Mortemers'', because the word ''mer'' "pond" was not used anymore beyond the Xth century. This word is only attested in North-Western France and of Fran ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid digital media, digital subscribers. It also is a producer of popular podcasts such as ''The Daily (podcast), The Daily''. Founded in 1851 by Henry Jarvis Raymond and George Jones (publisher), George Jones, it was initially published by Raymond, Jones & Company. The ''Times'' has won List of Pulitzer Prizes awarded to The New York Times, 132 Pulitzer Prizes, the most of any newspaper, and has long been regarded as a national "newspaper of record". For print it is ranked List of newspapers by circulation, 18th in the world by circulation and List of newspapers in the United States, 3rd in the U.S. The paper is owned by the New York Times Company, which is Public company, publicly traded. It has been governed by the Sulzberger family since 189 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pacific Medical Center
The Pacific Tower, formerly the Pacific Medical Center, is a 16-story building at 1200 12th Avenue South on Beacon Hill in Seattle, Washington, United States. It was completed in 1932 and opened the following year as a U.S. Public Health Service facility. The lower floors of the facility still function as a medical center today. Amazon.com occupied much of the building as its headquarters from 1999 until 2010. Much of the space was left vacant after Amazon relocated to South Lake Union. In 2013, the state of Washington agreed to a 30-year lease of 13 floors. Seattle Central College subleases six floors for its healthcare training program. The building was designed by Carl Frelinghuysen Gould of Bebb and Gould with assistance from John Graham & Company, and built in a distinctive Art Deco style. The structure is perched on a hill overlooking downtown Seattle and is a prominent part of the city's skyline. It has been listed in the National Register of Historic P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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