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 2:25

Freeing the Mind, Body, and Spirit

Freeing the mind during the 18th century produced the technology of the Industrial Revolution. Increased productivity then freed the body of primitive needs but it was the cooperative work culture that freed the spirit to add substantial wealth. This was demonstrated early in the 19th century by Robert Owen in his spinning mill near Glasgow and examined in mid-century by John Stuart Mill:

The other mode in which cooperation tends to increase the productiveness of labor, consists in the vast stimulus given to productive energies, by placing the laborers in a relation to their work to make it their principle interest—at present it is not—to do the utmost, in exchange for their remuneration.  It is scarcely possible to rate too highly this material benefit, which yet is nothing compared to the moral revolution in society that would accompany it; a new sense of security and independence; and the conversion of human’s daily occupation into a school of the social sympathies and the practical intelligence.1

Marx and Mill wrote about this work place culture in mid 19th century that encouraged all workers to rach their potential.  This is the capitalism that is yet to be found by most educators.

1 John Stuart Mill, Principles of Political Econom,with Some of Their Applications to Social Philosophy (Fairfield, New Jersey: Augustus M. Kelley,1987), p. 789.

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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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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