Why Louis Kelso Invented the ESOP LBO: Capital Ownership, Jobs, and the Great Depression. In today’s podcast, Louis O. Kelso (via an AI voice) recounts how witnessing the Great Depression as a teenager led him to investigate why a resource-rich economy could still produce mass unemployment and suffering. He concludes that a key free-market assumption traced to Adam Smith is wrong: real production and income come not only from labor but also from capital, whose technological rise has reduced labor’s relative share while capital ownership remains concentrated.
THE Global Justice Movement Website
This is the "Global Justice Movement" (dot org) we refer to in the title of this blog.
