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.

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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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