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  1. <text id=91TT0482>
  2. <title>
  3. Mar. 04, 1991: Died:Louis Kelso
  4. </title>
  5. <history>
  6. TIME--The Weekly Newsmagazine--1991               
  7. Mar. 04, 1991  Into Kuwait!                          
  8. </history>
  9. <article>
  10. <source>Time Magazine</source>
  11. <hdr>
  12. MILESTONES, Page 71
  13. </hdr><body>
  14. <p>     DIED. Louis Kelso, 77, pioneer of economic democracy; in San
  15. Francisco. In 1956 Kelso, a lawyer and economist, developed the
  16. Employee Stock Ownership Plan, or ESOP, which allowed workers
  17. in Northern California to purchase a newspaper chain. Though
  18. initially dismissed as an exotic pension benefit, the ESOP
  19. became widely respected as a tool for democratizing access to
  20. capital credit. Today 11.3 million people, about 13% of the
  21. private work force in the U.S., are employed at firms offering
  22. ESOPs.
  23. </p>
  24.  
  25. </body></article>
  26. </text>
  27.  
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