Book Cover

Capitalism,  The Way to a World of Peace and Plenty

Michael R. Baldassarre, Principal

Gardner High School
200 Catherine Street
Gardner MA, 01440

Dear Principal Baldassarre:

Thank you for your letter of January 10, 2006. I am honored to be a nominee for the Gardner High School Hall of Fame for Extraordinary Achievement. The following is background as you requested. More information can be found on my Carey Center for Democratic Capitalism website and even more in chapter two in my book Democratic Capitalism, The Way to a World of Peace and Plenty. I am sending a book by separate cover. You might be interested in the section on Gardner that begins with: “Gardner was a perfect place to grow up.” (chapter 2, page 16)

Education:  President of the class of 1944 at Gardner High School and Co- Captain of the football team. My father and mother attended GHS, my Dad was a three sports star and president of the class of 1916.  My sister Ann was an officer of the class of 1943. All of us had the benefit of the teaching of Miss Rene Baron in Latin, Miss Maude Cobliegh in math and Miss Fairbanks in history all of whom, I think, graduated from Mount Holyoke as did my wife Dennice. My mother and dad went to GHS at what was later known as the Elm Street School, my sister and I went to the one built right next door.

I went into the Navy two weeks after graduation at age 17 and later received my degree from Holy Cross College where I was elected to Alpha Sigma Nu the Scholastic Honor Society. (chapter 2, page 19) My Dad also graduated from Holy Cross, Summa Cum Laude, and was salutatorian of the class of 1920. 

In 1950 I received my MBA from Harvard Business School.(chapter 2, page 23)

Work History: See bio on website and chapter 2 of book.

After several years at Electric Boat in Groton, Connecticut working on the Nautilus nuclear sub program (chapter 2 page 27)  I becamePlant Manager at age 29, and later President, at age 33,  of the Electro Dynamic Division of General Dynamics and a member of the GD Board of Management. ED was located in Bayonne, New Jersey. (chapter 2 page 31)

President of the Howe Richardson Scale Company and Group Vice President of the Montreal based parent company the Robert Morse Company. (chapter 2, page 38)

Chairman and CEO of ADT, Inc for 18 years. (chapter 2 page39), Our headquarters was located on the 91st and 92nd floors of the World Trade Center for much of that time but we had moved to Parsippany, New Jersey by 9/11. It was still an extra shock because the first plane hit almost exactly where my office and Boardroom was located. We all had good friends who worked at the Windows of the World restaurant who never had a chance.

At ADT I designed and implemented a successful profit-sharing and stock ownership plan for all employees. During my term as CEO stockholders received about $1 billion in dividends and for their stock in a company valued on the stock market at about $90 million when I joined the company in 1970. John Whitehead former head of Goldman Sachs and Deputy Secretary of State was an ADT director, Mike Osheowitz, Chairman of the Gould Foundation, worked with me most of the 18 years. They express their thoughts on my work on the back of the book. 

I was a Director of 9 different companies in 11 different countries including 20 years on the Kroger Board, the country’s biggest supermarket. ( Bio on

Educational involvement:

Part time teaching in lower East Side of New York at the junior high school level with Junior Achievement. Elected to the New York Board of Junior Achievement and later to the National Board in Colorado Springs, Colorado, on which I served for many years. I met with JA officials in 2005 to continue to explore the use of my materials in their curriculum

In 1987 I established the Raymond Carey Foundation named after my father to promote democratic capitalism. In 1993 the Carey Scholar program was initiated at Cardinal Hayes and Aquinas High Schools in the Bronx. (chapter 2 page 20) Each year since, several students have been selected for an award on graduation followed by several letters during the year accompanied by what I called their “consulting fee.”  There are now 58 young men and women, mostly African-American and Hispanic but a few Asians, who have been so designated with the majority still communicating after graduation. They have graduated from many universities including Harvard, Yale, Boston College, Cornell, Holy Cross, Dartmouth, etc. Julissa Reynoso, for example, was in the first class and is now a practicing attorney in New York after earning a degree at Harvard, a graduate degree at Cambridge, and a law degree at Columbia. 

At Aquinas and Cardinal Hayes, distinguished award winning high schools, I have worked with Sr. Margaret Ryan, President, and Msgr John Graham, formerly President but now pastor of St Raymond’s in the Bronx. If it would be useful I am sure that they would both be pleased to add their comments on our 13-year association.

Writing on Public Policy:

After retiring I have spent my time studying the worlds’ economic-political system and writing about my conclusions. Please read enough of the book to judge my contribution. Chapter 10 can be read as a summary of the book. (page 419)  My vision for the future is described on the back cover by Professor Michael Hartoonian Ph. D. “Carey gives birth to a new 21st century idealism, and presents a heroic plan for economic and ethical harmony.” (beginning on page 493)

Several of my articles have been published on the same subject (attached). I have met with college and university professors and presidents and have an on-going dialogue on the use of my material.  I argue that capitalism and democracy have been in tension from the beginning and have gotten worse with our present short-term and greedy capitalism. It is an unnecessary condition because democracy and capitalism should be in harmony building momentum towards a better world.

Dennice and I have been married for 55 years. Her maiden name was Rioux and her grandfather came from Quebec so she finds Gardner familiar. She won the science award in the class of 1950 at Mount Holyoke and later taught biology and embryology at Connecticut College. We have three children and six grandchildren. The book is dedicated to them. (Preface page IX) Out oldest daughter is Sheila went to Northeastern and the University of California and lives in Chapel Hill, North Carolina with her 14 year old son, Jenner. Daughter Lisa graduated from Wellesley, did grad work at Kentucky and graduated from Johns Hopkins Medical school. She is on the faculty of the University of North Carolina Medical School in Chapel Hill and is becoming a well-known oncologist specializing in breast cancer. She was interviewed on the ABC evening news a few weeks ago. Her husband Matt is also a Johns Hopkins Medical School graduate, third in his class, and now heads the neurosurgery department at the North Carolina Medical School. They have three children Nash, Kelly, and Abigail. Kelly is shown on the book cover. Son Mike, a graduate of Hobart, lives in North Andover with wife Kristen, a graduate of San Diego College, and two boys, Patrick and Adam. Mike is a manager with Fed X, Kristen is a CPA. 

Included in this package are letters and articles about me and the Carey Center.

I will call to determine if this material  and the book are sufficient for your selection purpose.


Ray Carey

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.