• Charles Koch. Or, as the one-time New York City mayor who was once mistaken for being one of them pronounced it, Kotch.) [40] Two works that have been especially influential upon Koch's philosophy are Ludwig Von Mises' Human Action and F. A. Harper's Why Wages Rise. https://www.thefamouspeople.com/profiles/charles-koch-6417.php He has also "supported efforts to inspire at-risk young people to consider entrepreneurship, to teach American students the principles of limited government, and to connect recent graduates with market-oriented organizations, in an effort to launch their careers in public policy. "[47] Koch has given money to support public policy research focused on "developing voluntary, market-based solutions to social problems. He also serves as President of the Charles Koch Foundation, President of the Charles Koch Institute, and was previously Executive Director and Chief Operating Officer of the Mercatus Center at George Mason University. Here are some of the known funders: 1. They developed principles that enabled me to gain an understanding of how the world works, and these ideas were a catalyst in the development of Market-Based Management." ': Charles Koch regrets stoking partisan division, ‘What a Mess!’: Billionaire Charles Koch Regrets His Partisanship, ‘What a mess’: Billionaire Charles Koch says he regrets fueling partisanship, "Koch gives $11.25 million to Wichita State", "Wichita State, community work together to keep Gregg Marshall", "Donor aims to 'lick' illness that he has battled for 15 years", "Charles G. Koch | Charles Koch Institute", "The Aspen 50 – Forbes billionaires in Pitkin County", "Honorary Degree Recipients and Degrees Conferred Honoris Causa", "Do the Koch Brothers Really Care About Criminal-Justice Reform? [18] Among his maternal great-great-grandparents were William Ingraham Kip, an Episcopal bishop, William Burnet Kinney, a politician, and Elizabeth Clementine Stedman, a writer. [67] In addition to funding think tanks, Charles and David also support libertarian academics[68] and Koch funds the Charles G. Koch Summer Fellow Program through the Institute for Humane Studies which recruits and mentors young libertarians. Hear Dr. Michael Lomax, president of UNCF, speak about how our partnership opens the door for young entrepreneurs. But it erodes our overall standard of living and stifles entrepreneurs by rewarding the politically favored rather than those who provide what consumers want. Hooks served as Director of the Global Prosperity Initiative and Social Change Project from September 2000 to June 2005. He cited the "current health care debacle" as an example of disastrous government control. American Legislative Exchange Council, Atlas Network, Brookings Institution, Center for International Policy, Freedom Foundation, Hudson Institute, International Crisis Group, Legatum Institute, Rand Corporation, Rutherford Institute, Aspen Institute, Center for National Interest, … [57][58][59][60] A leaked 2012 fundraising plan indicated that the Charles G. Koch Charitable Foundation contributed $25,000 in 2011 to the Heartland Institute, an American conservative and libertarian public policy think tank. Please help to establish notability by citing. [25] Charles's brothers Frederick and Bill had inherited stock in Koch Industries. [65][66] Together with ExxonMobil's, Koch's wealth was also supplied to the Independent Institute, another think-tank known for lobby in favor of climate change denial. [24] In the same year, he renamed the firm Koch Industries in honor of his father. Fink was a member of the boards of directors and President of the Charles G. Koch Charitable Foundation and the Claude R. Lambe Charitable Foundation. He also created his own Charles Koch Foundation to funnel money to the Libertarian Society. Charles de Ganahl Koch (/ k oʊ k /; born November 1, 1935) is an American businessman, political donor and philanthropist.As of June 2018, he was ranked as the 12th-richest person in the world, with an estimated net worth of $50.7 billion. At IHS, we believe the principles of the classical liberal tradition – including individual liberty and responsibility, limited government, economic freedom, the rule of law, free speech, and open inquiry – are the foundation of a just, peaceful, and prosperous world. Koch funds and supports libertarian and free-enterprise policy and advocacy organizations. Koch Family Foundations. [80] Koch has continued to be a major donor to both the university and its athletic program. In June 1983, after a legal and boardroom battle, the stakes of Frederick and Bill were bought out for $1.1 billion and Charles and his younger brother David became majority owners in the company. "[36] He has expressed concern for too much government regulation in the U.S., stating that "we could be facing the greatest loss of liberty and prosperity since the 1930s. [50], In June 2019, the Charles Koch Foundation announced the foundation of anti-war think tank Quincy Institute for Responsible Statecraft, cosponsored by George Soros' Open Society Foundation. [64], The Pacific Legal Foundation, funded by Koch, has litigated against increased environmental regulation. [65][66] The American Enterprise Institute received $2.1 million over two decades from the Charles Koch Foundation for its climate change-denialist activities. [40], Charles Koch looks favorably upon the Tea Party movement. 2011. The Charles Koch Institute was established in 2011 and is housed in a building which it shares with the Charles Koch Foundation. We believe for those ideas to take root, they must be taught, explored, and challenged in higher education. [5] Koch has been co-owner, chairman, and chief executive officer of Koch Industries since 1967, while his late brother David Koch served as executive vice president. Fred Koch founded Wood River Oil and Refining Co. in 1940; it had been renamed Rock Island Oil & Refining Co. by 1961 and was renamed Koch Industries by Charles Koch in 1967. In 2002, Koch Industries donated $6 million to renovate the Wichita State University basketball arena. He was also on the board of the Fred C. and Mary R. Koch Foundation. Hi, My name is David Hamilton Koch, a philanthropist and the founder of Koch Industries, one of the largest private foundations in the world. "[53] He has given to the Bill of Rights Institute, a non-profit group that educates teachers, students, and others about the Bill of Rights. Koch also supports a number of libertarian educational organizations, including the Institute for Humane Studies, the Ayn Rand Institute,[14] and the Mercatus Center at George Mason University. "It is organized in and interpreted through five dimensions: vision, virtue and talents, decision rights, incentives, and knowledge processes. Brian Hooks is an American non-profit leader who currently serves as CEO and Chairman of Stand Together. He is a member of the Mont Pelerin Society. is a Kansas-based privately held corporation led by brothers Charles Koch (1935–) and David Koch (1940–2019), heirs to the Fred Koch oil fortune. Koch founded or helped found several organizations, including the Cato Institute, the Institute for Humane Studies and the Mercatus Center at George Mason University, the Bill of Rights Institute, and the Market-Based Management Institute. [6] Koch lives in Wichita, Kansas[86] and has homes in Indian Wells, California[87] and Aspen, Colorado.[88]. He joined the family business Koch Industries.He became president of the subsidiary Koch Engineering in 1979. Stand Together is not required to disclose its funders. "[49] Koch was awarded an Honorary Doctorate from George Mason University in recognition of his financial support "through scholarships, faculty recruitment, and research grants". Sponsor of. After reading Harper's book, Koch became involved with Harper's Institute for Humane Studies, of which he became a principal supporter. Since the 1980s, IHS has been increasingly interested in aiding the careers of aspiring educators, journalists, and policy professionals with an interest in classical liberal thought. In July 1976, the name was changed to the Cato Institute. [75], In 2020, Koch's Koch Industries donated $2.8 million to Republican Party causes through a political action committee. He complained that he had been the victim of "character assassination. in General Engineering in 1957, a Master of Science (M.S.) [81] Several months later, when men's basketball head coach Gregg Marshall was considering an offer to become head coach at the University of Alabama, Koch led a group of local business leaders and WSU boosters that raised Marshall's annual salary from $1.85 million to $3 million and kept him at the school. It is composed of members, called partners, who contribute at least $100,000 annually. He co-founded the Washington, D.C.-based Cato Institute. As of March 2019, he was ranked as the 11th-richest person in the world, with an estimated net worth of $50.5 billion. [47], In 1977 he co-founded the Cato Institute with Edward H. Crane and Murray Rothbard. "The way it's grown, the passion, and the intensity, was beyond what I had anticipated," he told an interviewer. On November 13, 2020 reports in several media published statements made during an interview with the Wall Street Journal by Koch about his regret that he had contributed significantly to the development of hyper-partisanship in the United States and that he will be working with Democrats, moderate Republicans, and liberals to aide bipartisanship. ", https://www.advisorycloud.com/rankings/2013-top-private-company-ceos/, Names in the News: David and Charles Koch, Koch Institute for Integrative Cancer Research, https://en.wikipedia.org/w/index.php?title=Charles_Koch&oldid=993104177, American businesspeople in the oil industry, American chief executives of energy companies, American chief executives of manufacturing companies, Short description is different from Wikidata, All Wikipedia articles written in American English, Pages using Infobox person with deprecated parameter home town, Articles containing potentially dated statements from 2014, All articles containing potentially dated statements, Wikipedia articles with SNAC-ID identifiers, Wikipedia articles with SUDOC identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, The 1999 Directors' Award for Global Vision in Energy from the, The 1999 Governor's Arts Patrons Award from the Kansas Arts Commission, The 2000 National Distinguished Service Award from, The Entrepreneurial Leadership Award from the, The Brotherhood/Sisterhood Award from the, The Herman W. Lay Memorial Award from the, The Distinguished Service Citation from the, Honorary Life Member in the Washburn Law School Association, Induction into the Kansas Oil and Gas Hall of Fame, Induction into the Wichita and Kansas Business Halls of Fame, Spirit of Excellence Award from The Urban League of Wichita, Outstanding Humanitarian Award from the Greater Wichita Chapter of the National Society of Fundraising Executives, Wichita State University Entrepreneur in Residence, Wichita District Minority Small Business Advocate of the Year, The Individual Recognition Award from the Wichita/Sedgwick County Arts and Humanities Council, The Uncommon Citizen Award from the Wichita Chamber of Commerce, The 2011 William E. Simon Prize for Philanthropic Leadership from the, The 2011 Defender of Justice award from the, In 2013, AdvisoryCloud ranked him number two on their Top Chief Executive List, This page was last edited on 8 December 2020, at 20:25. [6] Originally involved exclusively in oil refining and chemicals, Koch Industries now includes process and pollution control equipment and technologies, polymers and fibers, minerals, fertilizers, commodity trading and services, forest and consumer products, and ranching. The Trumps and Mercers are strictly amateur hour compared to what the … [23] Koch said "the short-term infatuation with quarterly earnings on Wall Street restricts the earnings potential of Fortune 500 publicly traded firms. [51] He is a board member at the Mercatus Center, a market-oriented research think tank at George Mason University. [16] His focus was on ways to refine oil. [26] Despite the settlement, legal disputes continued until May 2001, when CBS News reported that Koch Industries settled for $25 million. Previously, in October 2012, he was ranked the 6th richest person in the world with an estimated net worth of $34 billion—according to the Bloomberg Billionaires Index[9]—and was ranked 18th on Forbes World's Billionaires list of 2011 (and 4th on the Forbes 400), with an estimated net worth of $25 billion, deriving from his 42% stake in Koch Industries. [38] He's funded groups opposed to Barack Obama's administration. The name of the corporation is CATO INSTITUTE and the name under which the corporation was originally incorporated is The Charles Koch Foundation, Inc. Its original Articles of Incorporation were filed with the Secretary of State of Kansas on December 19, 1974. In particular, he expresses admiration for Ludwig von Mises' book Human Action, as well as the writings of Friedrich Hayek. [30][31], Koch has been a director of INTRUST Financial Corp. since 1982[32] and director of Koch Industries Inc. since 1982. [53][54] He has also given to the Youth Entrepreneurs, an organization that teaches business skills to at-risk youth in Kansas schools. Two works that have been especially influential upon Koch's philosophy are Ludwig Von Mises' Human Action and F. A. Harper's Why Wages Rise. "[24] Koch claimed "prosperity is under attack" by the Obama administration and sought to warn "of policies that threaten to erode our economic freedom and transfer vast sums of money to the state."[40]. We ar… ( Grant-making organization ) Formation. Charles and David each owned 42% of the conglomerate. Koch was born and lives in Wichita, Kansas, one of four sons of Clementine Mary (née Robinson) and Fred Chase Koch. Joanie Greve; Mariana Alfaro; The Daily 202: The Koch network is reorganizing under a new name and with new priorities; Washington Post; Why we no longer count on politics to solve America's problems; Washington Post; Berg, Rebecca; Top Koch network official: 'The divisiveness of this White House is causing long-term damage'; CNN; An American approach to the coronavirus crisis: Find innovative ways to contribute; USA Today; Learn how and when to remove this template message, https://en.wikipedia.org/w/index.php?title=Brian_Hooks_(philanthropist)&oldid=990570856, Articles with topics of unclear notability from August 2020, All articles with topics of unclear notability, Biography articles with topics of unclear notability, Creative Commons Attribution-ShareAlike License, This page was last edited on 25 November 2020, at 07:14. DonorsTrust: $200,000(2017-2018) Crony capitalism is much easier than competing in an open market. In an interview with the American Journal of Business, Koch said he owes "a huge debt of gratitude to the giants who created the Austrian School [of economics]. In July 2018, Hooks was named Chairman and CEO of Stand Together, and was co-chair of the Koch Network from 2016-2018. That’s why IHS has built the foremost network of scholars across the country who are researching and teaching classical liberal ideas. [38], According to Stephen Moore, influences on Koch include Alexis de Tocqueville,[39] Adam Smith, Michael Polanyi,[23] Joseph Schumpeter, Julian Simon, Paul Johnson, Thomas Sowell, Charles Murray, Leonard Read, and F. A. Charles Koch, over the years, has been active in making contributions to various causes. The Charles Koch Institute is an "associate" member of the State Policy Network. Fred Koch was also a founder and executive committee member of the far-right John Birch Society, known for opposing the Civil Rights Act, the Voting Rights Act and communism. "[37] In addition, he has warned that drastic government overspending and a decline of the free enterprise system will prove detrimental to long-term social and economic prosperity. [16][17] Koch's grandfather, Harry Koch, was a Dutch immigrant who settled in West Texas, founded the Quanah Tribune-Chief newspaper, and was a founding shareholder of Quanah, Acme and Pacific Railway. [70] The award honors "the ideals and principles which guided William E. Simon's giving, including personal responsibility, resourcefulness, volunteerism, scholarship, individual freedom, faith in God, and helping people to help themselves. [16] Koch would routinely work 12-hour days at the office (and then spent more time working at home), weekends, and expected executives at Koch Industries to work weekends as well. "[42], In an April 2014 Wall Street Journal op-ed, Koch wrote, "the fundamental concepts of dignity, respect, equality before the law and personal freedom are under attack by the nation's own government." The Charles Koch Foundation has hired Brian Hooks to be the Foundation’s next president, effective July 1, 2014. Founder. [10] Koch has published three books detailing his business philosophy, The Science of Success,[11] Market Based Management,[12] and Good Profit.[13]. In an April 2011 Wall Street Journal op-ed, Koch wrote: Government spending on business only aggravates the problem. [65][66] Koch has also given money to the American Institute for Economic Research, a right-wing libertarian think tank which also lobbies against climate science. Charles de Ganahl Koch (/koʊk/; born November 1, 1935) is an American businessman and philanthropist. Rather, he favors bottom-up technological innovation from private entities, saying they can lower emissions while improving efficiency and lowering costs. Under date of December 10, 1975 a change of registered agent was filed. "Or "Coach". [52], Koch's philanthropic activities have focused on research, policy, and educational projects intended to advance free-market views. Between 2004 and 2008, Koch gave $246 million, focusing on "libertarian causes, giving money for academic and public policy research and social welfare. [24] The presidents he most admires include George Washington, Grover Cleveland, and Calvin Coolidge. "[47] In addition, almost 200 institutions of higher education in the U.S. are funded by the Charles G. Koch Foundation. He helped found the Cato Institute in 1974, by which time he was already giving money to the Libertarian Party. [42][46], Koch funds and supports libertarian and free-enterprise policy and advocacy organizations. Koch said, "My father wanted me to work as if I was the poorest person in the world. In an interview with Warren Cassell Jr., which was recorded in February 2016, Koch stated that as a child he did not live a privileged lifestyle despite growing up in a wealthy family. More than $1.7 million in grants have been awarded to programs and individuals with Kansas roots. [25] TIME magazine included Charles and David Koch among the most influential people of 2011. [73][74] Aligning with groups such as the ACLU, the Center for American Progress, Families Against Mandatory Minimums, the Coalition for Public Safety, and the MacArthur Foundation, Koch believes the current system has unfairly targeted low-income and minority communities all while wasting substantial government resources. David Hamilton Koch (/ ˈ k oʊ k /; May 3, 1940 – August 23, 2019) was an American businessman, philanthropist, political activist, and chemical engineer. In an interview with the Wichita Eagle,[25] he said that he was motivated to write the book by Koch Industries' 2004 acquisition of Invista so he could give new employees a "comprehensive picture" of MBM. Koch Industries (pronounced "coke," not "cock! "This is the essence of big government and collectivism," he wrote. [23] In 1967, he became president of the business, which was then a medium-sized oil firm. [48], In 2008, Koch was included in Businessweek's list of top 50 American givers. "[45] In the book, Koch attempts to apply Friedrich Hayek's spontaneous order theory and Austrian entrepreneurial theory, such as that of Mises and Israel Kirzner, to organizational management. In December 2014, Koch Industries and the Koch family foundation donated $11.25 million to the university, the largest one-time gift in school history, with $4.5 million of that going toward a plan to renovate the arena and expand the athletic program's academic support center. Charles Koch Foundation. The brothers inherited the business from their father, Fred C. Koch, then expanded the business. According to the magazine, the list includes "activists, reformers and researchers, heads of state and captains of industry." How to say Charles koch in English? Pronunciation of Charles koch with 3 audio pronunciations, 8 translations, 3 sentences and more for Charles koch. The Institute was created from the Charles G. Koch Charitable Foundationin September 2011 as 501(c)(3) educational organization. 2) Koch Industries was founded by their father where Charles … [65][66], Koch supported his brother's candidacy for vice president on the Libertarian Party ticket in 1980. [65][66] The Republican Trump administration adopted environmental policies similar to those advocated for by Koch-funded groups. Through the Foundation’s history, it has supported the study of economic freedom through grant giving and support for professional education programs. [72][73] For roughly a decade Koch has been advocating for several reforms within the prison system, including the reduction of recidivist criminals, easing the employment process for rehabilitated persons, and the defense of private property from asset forfeiture. Koch has been co-owner, chairman and chief executive officer of Koch Industries since 1967, while his brother David Koch serves as executive vice president. [27], In 2006, Koch Industries generated $90 billion in revenue, a growth of 2000 times over, which represents an annual compounded return of 18%. The senior Koch's views are thought to have infl… Too many businesses have successfully lobbied for special favors and treatment by seeking mandates for their products, subsidies (in the form of cash payments from the government), and regulations and tariffs to keep more efficient competitors at bay. in Chemical Engineering in 1960. [3], He then became Director of the Mercatus Center at George Mason University from July 2005 to June 2014. [33], Charles Koch describes himself as a classical liberal and has formerly identified as a libertarian. Harper. [61][62][63] Koch has also supported the Berkeley Earth Surface Temperature project, a scientific effort to compile an open database of the Earth's surface temperature records. 1) David Koch's foundation (run by his kids) is the David H Koch Charitable Foundation, not "Hamilation Foundation". He became a co-owner of Koch Industries, with older brother Charles, in 1983.He was an executive vice president. Koch has received various awards and honors, including: Wealthiest people in the United States by state, The Koch Brothers December 24, 2012 p. 96 Forbes, Federation for American Immigration Reform, Foundation for Individual Rights in Education, National Federation of Independent Business, Individualist anarchism in the United States, International Alliance of Libertarian Parties, For a New Liberty: The Libertarian Manifesto, Political activities of the Koch brothers, Quincy Institute for Responsible Statecraft, William E. Simon Prize for Philanthropic Leadership, National Foundation for Teaching Entrepreneurship, National Conference of Christians and Jews, Association of Private Enterprise Education, National Association of Criminal Defense Lawyers, "Charles G. Koch | Charles Koch Foundation", The Top 10, America's Largest Private Companies, "Ayn Rand Institute - Ties to the Koch Brothers", "The Weekend Interview with Charles Koch: Private Enterprise", "Charles Koch: His philosophy and his company", "Brother Versus Brother; Koch Family's Long Legal Feud Is Headed for a Jury", "The Curse on the Koch Brothers One of the Biggest Family Feuds in Business History May Soon Come to a Climax, You Thought $1 Billion Could Buy Happiness? After college, Koch started work at Arthur D. Little, Inc.[22], In 1961 he moved back to Wichita to join his father's business, Rock Island Oil & Refining Company (now known as Koch Industries). [85] Koch "rarely grants media interviews and prefers to keep a low profile". In 2014, with a $25 million grant from Koch Industries and the Charles Koch Foundation, the UNCF/Koch Scholars Program was established. [21] He received a Bachelor of Science (B.S.) Koch Industries donated $221,000 to Democratic Party causes.[76]. [65][66] His Charles Koch Foundation gave $68,100 in 2018. He became President of the Charles Koch Foundation in Arlington, Virginia, in July 2014; a month later he also became associated with the Charles Koch Institute. Since its founding, the program has supported nearly 3,000 scholars. [28] As of 2014[update], Koch was worth approximately $41.3[29] billion (in 2013 $36 billion) according to the Forbes 400 list. Charles G. Koch Charitable foundation: Founded in 1980, this charitable foundation’s main focus is to work towards the well-being and social progress of all mankind by advancing the continued development of economic freedom. Hooks lives in Virginia, with his wife and daughter. He has been on the board of IHS since 1966. [15] Along with his brother, Koch has been an important funder of think tanks that lobby to oppose environmental regulation. But reports by other organizations, along with some cryptic disclosures by George Washington University and the RSC, show that its major donors include the charitable foundation operated by Charles Koch, who is the billionaire co-owner of petrochemical giant Koch Industries Inc. and financier of a sprawling political empire. 1940) are two of the four children of Fred Koch and Mary Koch. The Charles Koch Foundation was established in 1980 by Charles G. Koch in order to advance social progress and well-being through the study and advancement of economic freedom. [7] In February 2014, Koch was ranked 9th richest person in the world by Hurun Report[8] with an estimated net worth of $36 billion. [77][78][79] His forthcoming book is entitled, Believe in People: Bottom-Up Solutions for a Top-Down World. 1935) and David Koch (b. [57], Koch has also given money to the American Institute for Economic Research, the right-wing libertarian think tank which sponsored the Great Barrington Declaration. [69] Koch also organizes twice yearly meetings[24] of Republican donors. He has underwritten scholarships and financed the research of economists such as James Buchanan and Friedrich Hayek. Hooks has been chief operating officer and executive director of the Mercatus Center at George Mason University since 2006 where he led strategy and oversaw all … Its major foundation funders, however, can be found through a search of the IRS filings. [55], Koch acknowledges anthropogenic climate change, but opposes top-down government regulation as a solution. [67][83][84] Charles and his three brothers have all suffered from prostate cancer. Brian Hooks is an American non-profit leader who currently serves as CEO and Chairman of Stand Together. Leaders Came to View Climate Change as Fake Science", "Leak exposes how Heartland Institute works to undermine climate science", "How Big Money in Politics Blocked U.S. Action on Climate Change", "Climate skeptic group works to reverse renewable energy mandates", "Leak Offers Glimpse of Campaign Against Climate Science", "The Heartland Institute 2012 Fundraising Plan", "Climate Science Denial Network Behind Great Barrington Declaration", "Koch-Funded PR Agency Aided Great Barrington Declaration Sponsor", "Covert Operations: The billionaire brothers who are waging a war against Obama", Institute for Humane Studies at George Mason University, "Winner of the 2011 William E. Simon Prize", "Obama, Koch Brothers in Unlikely Alliance to Overhaul Criminal Justice", "Forfeiture reform aligns likes of billionaire Charles Koch, ACLU", "Charles Koch: This is the one issue where Bernie Sanders is right", 'What a mess! The Cato Institute is an American libertarian think tank headquartered in Washington, D.C. "[24] He believes billionaires Warren Buffett and George Soros, who fund organizations with different ideologies, "simply haven't been sufficiently exposed to the ideas of liberty. in Political Science. He is a member of the Beta Theta Pi fraternity. Among other projects, the IHS runs the Charles G. Koch Summer Fellow Program, which "has supported more than 900 students during eight-week internships at public policy organizations, both in D.C. and around the country. He criticized the Obama Administration, saying that its "central belief and fatal conceit" is that people are not capable of running their own lives. He is quoted as saying: "The first thing we've got to get rid of is business welfare and entitlements. During the Covid-19 pandemic of 2020, Hooks announced that Stand Together would create an online effort to provide cash assistance through donations to families hit the hardest and the promotion of cooperation in communities.[4]. What all the Koch-funded programs have in common is an interest in studying free societies with an eye to understanding how economic freedom benefits humanity. After reading Harper's book, Koch became involved with Harper's Institute for Humane Studies, of which he became a principal supporter. The Charles Koch Foundation supports individuals developing creative solutions that help people transform their lives, achieve their potential & make the world a better place. According to the website of the Market-Based Management Institute, which Koch founded in 2005, MBM is "based on rules of just conduct, economic thinking, and sound mental models", harnessing the dispersed knowledge of employees just as markets harness knowledge in society. 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