Center for Economic and Social Justice powers and profits of land and productive assets became concentrated within a tiny elite of private owners. To remedy the abuses of concentrated capital ownership, Marx and Engels in "The Communist Manifesto" (1848) declared, “[T]he theory of the Communists may be summed up in the single sentence: the abolition of private property.” In contrast, Kelso turned the socialist's central assumption around by asserting that private property, far from being the problem, is essential for creating a truly just free market global economy. An economically just economy is one in which every citizen can be a capital owner without taking property
Institute for Social and Economic Research and Policy the centers incorporated into the Institute at its founding in 1999 as the Institute for Social and Economic Theory and Research (ISETR). Also joining ISETR were the Center for Urban Research and Policy, founded in 1992, and several new research centers. In January 2001, ISETR merged with the Office of Sponsored Research to become the Institute for Social and Economic Research and Policy. The fellowship of ISERP is drawn from faculty of the departments of Anthropology, Economics, History, Political Science, Psychology, Sociology, and Statistics, as well as of Barnard College, the Earth Institute, Teachers College, the Mailman School of Public