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The Evolution of Ownership in America
This chapter explores the historical development of ownership in America, tracing back to the 1770s and the advocacy for widespread ownership, notably in employee ownership. It discusses the transition from the democratic principle of broad ownership to the rise of corporations and private equity in the 19th and 20th centuries, highlighting the benefits of Employee Stock Ownership Plans (ESOPs). Research findings show that companies with ESOPs experience higher productivity, sales growth, employment rates, lower layoff rates, improved employee retention, and enhanced retirement benefits, indicating a positive impact on both companies and employees.