CHARLES T. MUNGER
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