Book Cover

Capitalism,  The Way to a World of Peace and Plenty
by Ray Carey

Hard/Softcover/Kindle - 5 May, 2004, Available on

Ray Carey presents the theory and practice of democratic capitalism by coupling his experience with a synthesis of the thought of Adam Smith, Karl Marx, and John Stuart Mill.  The empirical evidence is clear: democratic capitalistic companies produce superior results, and nations that support economic freedom and keep money neutral improve the lives of their people.

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On-line Education in Democratic Capitalism

Capitalism means private capital invested to grow, make profits, and provide jobs. Based on economic freedom it can eliminate material scarcity and unite people in economic common purpose.

China and India demonstrated this power of economic freedom in an authoritarian environment when they took a half-million humans out of extreme poverty in a decade. The European Union demonstrated that economic common purpose could stop the killing of millions of young men.

Economic freedom improves lives but more wealth is built and distributed when the work culture is democratic, that is, when each worker participates and contributes.

In Information Age industries the democratic work culture is a competitive necessity to release the cognitive power of their people, their only resource. The source of capital through ESOPs, 401 (k)s, and other ownership opportunities should also democratized the work culture, including a capital wage for the worker.

This democratic capitalism is being severely limited by the domination of the economy by finance capitalism. For a quarter century growth programs have been sacrificed to hype the stock price and now high speed trading has taken over 99% of Wall Street activity. Small trading profits, thousands of times a day, are concentrating wealth for the few at the expense of the many. 

Worker capitalists must be educated to structure government in support of democratic capitalism. Managers must be educated to develop each to full potential while building a work culture of trust and cooperation.  The rest of the universities must recognize that this economic system provides a value system applicable to all human associations as well as the integration of knowledge.

Such education is the mission of this material. It includes articles distributed on the Carey Center, short profiles of the “wayfarers” on the way to peace and plenty, and letters to various people including President Obama and the Dean of Harvard Business School. 




Ray CareyRay Carey

Ray Carey learned through managing companies for 33 years how to change the work culture to provide employees with their best opportunities to develop and contribute. This experience began as a 28 year old plant manager and later president of an electric motor company, and concluded with eighteen years as president , chairman, and CEO of ADT, Inc.

See Carey's autobiography of his work career in chapter two of his first book:

Democratic Capitalism, The Way to a World of Peace and Plenty.

For more information about Ray Carey and his advocacy of democratic capitalism, visit the pages of this website.

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CCDC 2/7/2018 - Rejection

Updated on February 8, 2018

Owen decentralized to the work station and let the workers run their jobs. This was the key to motivate the workers to produce and innovate more. It required a management that understood the philosophy and were trained and motivated in it themselves. The Mercantile philosophy, however, was still one of maximizing profits by suppressing wages and benefits. In contrast, Owen's capitalism added worker income that was spent to the benefit of economic growth called the "multiplier effect".

Owen understood that the "intellectual" community demeaned his proposals. Early in the 19th century Owen had demonstrated the capitalism in which capital and labor were synergistic.Owen also identified the intellectual negative attitude towards capitalism that continues to the present.

This is still the challenge to the intellectual community to study the alternatives in capitalism in order to promote the one that maximizes the amount of wealth and distributes it broadly.

Owen joined the Manchester Literary and Philosophical Society. Its members were the elite of the town whose manners had been acquired in respected schools. In their company Owen never forgot his origins: 

I was yet but an ill-educated awkward youth, strongly sensitive to my defects of education, speaking ungrammatically, a kind of Welsh-English …I felt the possession of ideas superior to my power of expressing them, and this always embarrassed me with strangers, and especially when in the company of those who had been systemically...

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