European ESOP

The American Employee Stock Ownership Plan or ESOP is a leveraged buyout mechanism so that the employees in a company can, in effect, do a leveraged buyout of part or eventually all of their own company. ESOP is one of the most successful and unifying models for employee ownership in the world. The purpose of this paper is to analyze the main features of the US ESOP model and to define a technical description of the European ESOP, which builds on the good features of the US model and improves the flawed features.

Classical Liberalism and Workplace Democracy

This is a paper coauthored by Tej Gonza for the European Liberal Forum, the foundation associated with the Lib-Dem parties of the EU in the EU Parliament. It explores the support for workplace democracy given by democratic classical liberals such as Tocqueville, Mill, Dewey, and Buchanan.

English and Swedish Versions of Swedish ESOP Report

In September 2017, my long-time associate, Chris Mackin, and I did a speaking tour on ESOPs in Sweden hosted by the filmmaker, Patrik Witkowsky, the to-be-lawyer, Mattias Göthberg, and the labor-oriented think tank, Katalyst. Afterwards, Patrik wrote a report, here translated into English, introducing the ESOP idea to a larger Swedish audience and describing the US experience.

Who Pays for ESOP Shares?

This is an old paper (1980s) analyzing the American Employee Stock Ownership Plan or ESOP. The original proposer of the ESOP idea, Louis Kelso, and his ardent follows have shrouded the ESOP transactions in such a cloud of rhetoric, that one needs to independently perform an analysis to see what is really going on. The paper was never published (except in this website version) since I had no reason to publicly attack ESOPs, only to be clear about them and their true institutional contribution–which is considerable.

Slovene Privatization ESOP

This 1991 paper, coauthored with Uros Korze and Marco Simoneti, described the type of ESOP model in the Mencinger-Korze-Simoneti draft privatization legislation.