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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Course 2:12

Repeal the Repeal !

Was anyone watching in 1999 when Glass-Steagall was repealed? This law was passed during the Great Depression because bankers were giving companies easy credit to do dumb things in order for their investment bankers to get deals with big fees.

The monster financial services company, Citi, demonstrated Wall Street’s lobby power when it was put together in anticipation of the repeal and with other big banks immediately gave Enron easy credit to do dumb things in order for their investment bankers to get deals with big fees.

Enron, the hedge fund on top of a gas line, was free to quadruple debt in five years to $13.6 billion. Alan Greenspan, head of the Fed, told Congress meanwhile that hedge funds do not need regulation because they get money from regulated banks (and he wasn’t even kidding).

After Glass-Steagall was repealed, thousands of Enron’s employees lost their jobs and pensions, and many others lost pension savings. Where is the democratic demand to repeal the repeal?  Citizens should, at least, demand that their government regulate hedge funds before more jobs and pensions are destroyed.

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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Democratic Capitalism: The Way to a World of Peace and Plenty

Capitalism produces wealth from market freedom and competition, democratic capitalism maximizes wealth from worker participation. Their sharing in the improvement sustains motivation and adds consumer income that increases economic growth. The value system is trust and co-operation, the impediments are mal-distribution of wealth and violence among nations and people.

Surplus wealth was built by firing workers engaged in growth programs and by not increasing wages for productivity gains. Corporations avoiding taxes left $6 trillion of this surplus sitting in foreign accounts. The distribution of this surplus depends on a critical Board decision. It should be returned to the workers in wages, dividends, and profit sharing that add to economic growth, but managers influence Boards to repurchase shares to hype the value of options while hurting economic growth.

The workers are now capitalists through their pension funding, but they are not yet organized to influence policy. Finance capitalism continues to dominate the economy and influence politicians. Reformers who should correct this capitalist perversion do not understand wealth production from democratic capitalism; instead they concentrate on the political structure that distributes wealth.

CCDC June 27, 2017

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