Does capitalism work better if workers own capital? Lawyer Louis Kelso gave USA the opportunity to find out.
SYNOPSIS
Sixty years ago, California business attorney Louis Kelso foresaw an American economy throttled by a growing income gap and decided to do something about it: "Labor is the source of subsistence, Capital is the source of affluence. My idea is to make everyone a capitalist and therefore, financially secure."
With Louisiana Senator Russell Long's support, Kelso’s Employee Stock Ownership Plan became an employee retirement benefit in 1974. Throughout the 1980s and 90s, the ESOP evolved in different ways receiving considerable media attention that included strong reactions from Kelso and Long.
Along with the archival coverage, "Own It!" features three companies in the Ohio-West Virginia region of the "Rust Belt." Two were sold to employees by retiring owners, but the third was bought by the employees to save their jobs. All three show the complex history of U.S. manufacturing and how employee owners adapted in different ways. We observe shareholder, union and safety meetings and hear from retirees and new hires, middle managers and hourlies, union stewards and corporate representatives. Their voices make the ESOP more relatable to a general audience.
With donations received, production will begin in Cleveland early in 2024 and continue in the Steubenville-Weirton region as and when funding is in place. PBS Western Reserve, OH and West Virginia Public TV have written letters of intent to consider distribution when the film is near completion.
Director Statement
Having moved from a socialist democracy to a capitalist one, I asked the same question that Louis Kelso asked—can every citizen have a meaningful stake in a society where the wealth gap is increasing? Kelso’s contrarian solution, dismissed by economists, distrusted by labor unions, but embraced by business owners, Civil Rights activists, Congressmen and Senators, Democrat and Republican, suggested a story worth following.
Supporter Statement
As an educator, I believe "Own It! Louis Kelso's Macroeconomic Fix" will contribute to the public's much-needed understanding of income, wealth inequality, work and the workplace.
In my years of working on writing legislation followed by writing legislative history, I have come to appreciate the financing techniques of Louis Kelso... (which) have brought capital investments within reach of many millions of workers... Many employee-owners, while looking forward to ESOP-funded retirement, don't appreciate the wider socioeconomic implications for addressing national wealth inequality and a just society. And most importantly, those in or entering the workforce don't realize the sea-change in labor-management relations that many businesses have undergone as a result of employee ownership...
I have been in contact with the filmmaker, Jayasri (Joyce) Hart since the project's inception. I have been deeply impressed by her research skills and dedication. I have reviewed two film samples and I find them... extremely capable of drawing people into the movie.
As one of its key Academic Advisors, I am committed to guiding the project to its completion. I commend Women Make Movies for the fundraising support given to "Own It!" and wish you great success.
— Joseph R Blasi, Distinguished Professor, School of Management & Labor Relations, Rutgers University
ABOUT FILMMAKER(S)
Director Jayasri (Joyce) Hart
Jayasri (Joyce) Hart worked for the BBC World Service and for India’s national radio and TV networks before earning an MFA in Cinema/TV from the University of Southern California. She now produces, directs and edits documentaries for PBS broadcast and educational distribution. Of the Hartfilms documentaries, "Roots in the Sand," (the story of Southern California’s Punjabi/Mexican-American community) screened and won awards in the US, Canada, India and Australia, and is distributed by the Asian American Consortium of PBS. It was recently included in the American Archive of Public Broadcasting at the Library of Congress. "Sisters of Selma" (which documents the African American campaign for full voting rights as seen through the eyes of the Catholic nuns who took part) was largely funded by Alabama Public TV and ITVS and aired in 24 major PBS markets. It was nominated for Southeast Regional Emmy awards in the categories of Best Documentary and Best Original Music. The project is archived by the Carondelet Sisters of St. Joseph in St. Louis.
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Women Make Movies (WMM), Inc. is a 501(c)(3) non-profit media arts organization registered with the New York Charities Bureau of New York State and accepts charitable donations on behalf of this project. Your donation will be spent by the filmmaker(s) toward the production and completion of this media project. No services or goods are provided by Women Make Movies, the filmmaker(s) or anyone else associated with this project in exchange for your charitable donation.
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