Podcast
Questions and Answers
What is considered essential for sustainable development according to former World Bank President James Wolfensohn?
What is considered essential for sustainable development according to former World Bank President James Wolfensohn?
What is a common flaw in current systems of capitalism and socialism?
What is a common flaw in current systems of capitalism and socialism?
Why have Western development experts' strategies failed to create nations of owners?
Why have Western development experts' strategies failed to create nations of owners?
What is the result of the current system of economic globalization?
What is the result of the current system of economic globalization?
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What is the 'invisible social environment' composed of?
What is the 'invisible social environment' composed of?
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What is the primary challenge in achieving economic and social justice?
What is the primary challenge in achieving economic and social justice?
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What is the primary goal of transforming the globalization process?
What is the primary goal of transforming the globalization process?
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What is the consequence of the current system of economic globalization in many parts of the world?
What is the consequence of the current system of economic globalization in many parts of the world?
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What is the fundamental concept of property in a just economic order?
What is the fundamental concept of property in a just economic order?
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What is the significance of private property in a just economic order?
What is the significance of private property in a just economic order?
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What is the consequence of destroying private property?
What is the consequence of destroying private property?
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What is the relationship between private property and the economic process?
What is the relationship between private property and the economic process?
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What was one of the fatal errors in Marx's analysis according to Louis O. Kelso?
What was one of the fatal errors in Marx's analysis according to Louis O. Kelso?
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What is the concept of property in law and economics?
What is the concept of property in law and economics?
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What are the rights that an individual may possess with respect to various objects?
What are the rights that an individual may possess with respect to various objects?
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What is the consequence of being disconnected from the economic process?
What is the consequence of being disconnected from the economic process?
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What is the core idea of Kelso's binary economics?
What is the core idea of Kelso's binary economics?
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According to Kelso, what is the primary factor in determining people's relationship to technology?
According to Kelso, what is the primary factor in determining people's relationship to technology?
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What is the result of the current global economic order, according to Kelso?
What is the result of the current global economic order, according to Kelso?
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What did Kelso see as a fundamental human right?
What did Kelso see as a fundamental human right?
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What is the primary goal of Kelso's economics of ownership?
What is the primary goal of Kelso's economics of ownership?
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What is unique about an Employee Stock Ownership Plan (ESOP) compared to other ways for workers to purchase ownership shares?
What is unique about an Employee Stock Ownership Plan (ESOP) compared to other ways for workers to purchase ownership shares?
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What is the 'social key' to universalizing access to future ownership of productive wealth, according to Kelso?
What is the 'social key' to universalizing access to future ownership of productive wealth, according to Kelso?
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What is the main assumption held by most political and business leaders and academic economists, according to Kelso?
What is the main assumption held by most political and business leaders and academic economists, according to Kelso?
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What is the main objective of a Citizens Land Bank (CLB)?
What is the main objective of a Citizens Land Bank (CLB)?
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How do Citizens Land Banks (CLBs) receive financing?
How do Citizens Land Banks (CLBs) receive financing?
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What is the primary emphasis of Kelso's theory of economic justice?
What is the primary emphasis of Kelso's theory of economic justice?
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What is the benefit of being a shareholder in a Citizens Land Bank (CLB)?
What is the benefit of being a shareholder in a Citizens Land Bank (CLB)?
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What is the main difference between a Citizens Land Bank (CLB) and a traditional land development corporation?
What is the main difference between a Citizens Land Bank (CLB) and a traditional land development corporation?
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What is the purpose of a Natural Resources Bank (NRB)?
What is the purpose of a Natural Resources Bank (NRB)?
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What is a characteristic of both Citizens Land Banks (CLBs) and Natural Resources Banks (NRBs)?
What is a characteristic of both Citizens Land Banks (CLBs) and Natural Resources Banks (NRBs)?
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What is a benefit of the 'Just Third Way' approach?
What is a benefit of the 'Just Third Way' approach?
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What was the main problem with the ownership of productive assets, according to Marx?
What was the main problem with the ownership of productive assets, according to Marx?
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What was Marx's solution to the problem of concentrated ownership of productive assets?
What was Marx's solution to the problem of concentrated ownership of productive assets?
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What was the consequence of Marx's solution, according to the text?
What was the consequence of Marx's solution, according to the text?
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What is the proposed alternative to Marx's solution, according to Kelso?
What is the proposed alternative to Marx's solution, according to Kelso?
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What is the goal of the Kelso-Adler theory of economic justice?
What is the goal of the Kelso-Adler theory of economic justice?
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What is the consequence of limited access to productive assets, according to the text?
What is the consequence of limited access to productive assets, according to the text?
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What is the relationship between the rising productiveness of technology and market-based consumption incomes, according to the text?
What is the relationship between the rising productiveness of technology and market-based consumption incomes, according to the text?
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What is the expected outcome of making every worker an owner of a growing property stake, according to Kelso?
What is the expected outcome of making every worker an owner of a growing property stake, according to Kelso?
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Study Notes
Private Property and Justice
- Owners' rights in private property are fundamental to a just economic order.
- Property is not the things that are owned, but the bundle of rights that determines one's relationship to things.
- Private property secures personal choice and is the key safeguard of all other human rights.
- Destroying private property denies justice.
Property Rights
- Property rights include the rights to possess, exclude others, dispose or transfer, use, enjoy the fruits, and destroy or injure.
- Property owners have a range of rights that enable them to control and benefit from their property.
Critique of Marx's Analysis
- Louis O. Kelso argued that Marx's analysis of capitalism had three fatal errors, including a failure to understand the political significance of property.
- Kelso believed that property ownership is essential for individual freedom and economic empowerment.
The Importance of Property Ownership
- Ownership of productive assets is limited to a few individuals, leading to economic inequality and injustice.
- Universal access to capital ownership is a key to achieving economic justice and empowering individuals.
- Property ownership enables individuals to earn income independence and participate in the economy as owners, rather than just workers.
The Just Third Way
- The Just Third Way is an economic approach that seeks to promote economic justice and empowerment through property ownership.
- The approach involves democratizing access to capital ownership and creating a more equitable distribution of economic power.
Binary Economics
- Binary economics, also known as "the economics of reality," is a concept developed by Louis O. Kelso.
- It is based on the idea that individuals can either own or be owned, and that universal access to capital ownership is essential for economic empowerment.
Universal Access to Capital Ownership
- The ESOP (Employee Stock Ownership Plan) enables workers to gain an equity stake in their company and share profits.
- The ESOP allows workers to pay for their shares out of future corporate profits, rather than reducing their take-home income.
Citizens Land Banks (CLBs)
- CLBs are for-profit entities that enable citizens to own and manage land development and natural resources in their communities.
- CLBs provide a mechanism for citizens to participate in the economy and benefit from land ownership and natural resource extraction.
- CLBs can receive interest-free financing from the Federal Reserve and are designed to empower citizens and promote economic development.
Natural Resources Banks (NRBs)
- NRBs are similar to CLBs, but operate on a regional or national basis.
- NRBs enable citizens to own and manage natural resources, promoting economic development and empowerment.
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Description
Understand the significance of private property in ensuring justice in an economic system. Learn how property rights secure personal choice and safeguard human values.