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 4:21



September 17, 2004

Mr. Raymond B. Carey, Jr.                                                     
Carey Center for Democratic Capitalism

Dear Mr. Carey:

Thank you for sending me a copy of your self-published autobiographical book, “Democratic Capitalism, The Way to a World of Peace and Plenty.”  I read it through in one sitting, ending in the early morning hours the following day.

Mostly, I agree with you.  I was much interested in your book and personal history coming as I did from roughly the same value system, experience base and generation as you.  Indeed, I followed roughly your educational path, with much self education through individually chosen reading, and I always shared your dismay with respect to formal education in leading universities as they deal with subjects outside hard science and biology.

Moreover, I am as horrified as you are by what you call “ultra capitalism”, with its hugh collection of talent seeking “croupier” type profits in derivatives trading, promotional investment funds and the most misleading parts of investment banking.

Nor am I charmed by McKenzie and other business consulting groups.  The McKenzie values did not limit their mischief to Enron and its ilk.  The troubles at Royal Dutch Shell were also helped along by a little known McKenzie stamp.  And McKenzie and its competitors, being big hirers if business school graduates, have influenced business school education in regrettable ways.
I wish you well.


                                                                         Charles T. Munger

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.

Most Recent Post

CCDC 11/15/2017

November 14, 1995
Diane Dunlap
Dean, Graduate School
Hamline University

Dear Dean Dunlap:

I was very happy to hear about the plans for the “Carey Center” at Hamline University. It has been a source of much frustration to me that business concepts which I have seen working and which I admire have so little visibility in academia.

Ray Carey was Chairman of the Board and CEO of ADT Security Systems Inc. when I joined their Engineering Department in 1973. My specialty was Microwave Transmission Systems, and my previous employers were Bendix Navigation & Control Division and IT&T Avionics Div. Working at ADT was very different from working at either Bendix or IT&T.

ADT had a charter which was taken seriously. We, the employee-associates, were entrusted...

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