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.

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

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 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...

Click here for the full post