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  1.                                                                                 MILESTONES, Page 71
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  4.     DIED. Louis Kelso, 77, pioneer of economic democracy; in San
  5. Francisco. In 1956 Kelso, a lawyer and economist, developed the
  6. Employee Stock Ownership Plan, or ESOP, which allowed workers
  7. in Northern California to purchase a newspaper chain. Though
  8. initially dismissed as an exotic pension benefit, the ESOP
  9. became widely respected as a tool for democratizing access to
  10. capital credit. Today 11.3 million people, about 13% of the
  11. private work force in the U.S., are employed at firms offering
  12. ESOPs.
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