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 4:22


Subj: Democratic Capitalism
Date: 11/14/2004 12;33;02 PM Eastern Standard Time
From: BallardMorton
To:     Careydcntr

Dear Ray,

I finally decided to sit down and read your book.  I just completed it and wanted to let you know how impressed I am.  It’s an extraordinary accomplishment, and I gained much insight from reading it—and studying it.  What a marvelous legacy you have left.

I was so pleased that you put so much of yourself into the book.  The story of your own career was revealing and meaningful.  It gave authenticity to the rest of the book.  I had previously read your draft of the play and found the final version engrossing, poignant, and saddening.

I had never seen your account on the Enron debacle before and found it the most complete analysis that I have read.  Your explanation of ultra-capitalism makes so much sense.  I just did not realize how much Wall Street has been able to dominate us.

Peter Drucker is one of my favorite writers.  His work was one of the pillars of my class.  So I particularly agreed with your references to his writing.  Condorcet was unfamiliar to me, and I thank you for introducing him to me.

Finally, I agree with you on the doctrine of preemption and the danger of the neocon ideologues.  I am a lifelong Republican, but I could not support Bush.  I am deeply concerned about America’s role in the world and the future of our grandchildren.  Your message and proposals offer hope, but I’m afraid that we are too interested in easy, short-term solutions.

I salute you for your magnificent effort.  It is work that should be of great pride for you and your family.  I am so  pleased to be listed in the Acknowledgements.

All the best,


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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